Apple the Wireless Carrier?

Apple's (AAPL - Cramer's Take - Stockpickr) partnership with carrier AT&T (T - Cramer's Take - Stockpickr) to launch the iPhone is expected to be a game-changer in the cellular phone business -- along with having the potential to generate gobs of cash for both sides.

The debut has been preceded by critical praise, and the prospect of a mammoth launch is likely sending shivers down the spines of competing wireless carriers such as Sprint (S - Cramer's Take - Stockpickr) and Verizon (VZ - Cramer's Take - Stockpickr). But maybe AT&T should watch its back, too.

Apple CEO Steve Jobs plays a take-no-prisoners (or business partners) game, and there's little doubt that the company has it in mind to take a bite out of the wireless business in much the same way it took on the media player space with iTunes.

So don't be surprised if Apple launches its own competing wireless platform or decides to create a mobile virtual network operator (MVNO) -- essentially piggybacking off an existing service provider and branding it as its own.

Seem far-flung? Consider this: Jobs is one of the savviest, most innovative CEOs in the world, and he knows full well that having a wireless platform would allow Apple to better control all aspects of the revenue stream from the iPhone.

The company's AT&T contract still gives it a great deal of control -- Apple provides customer service and most of the phones will be sold through Apple stores. But it's hard to believe there's not sufficient wiggle room in the arrangement to give Apple an out.

Going the MVNO route, similar to what Disney (DIS - Cramer's Take - Stockpickr) has done in providing cell phones for kids, saves money and time, because it's essentially renting bandwidth from another carrier.

To watch Farnoosh Torabi's video interview with Mark DeCambre, click here.