During last week’s iPad 2 media event, Apple announced an update to the iOS version of its iMovie video editing application and introduced a new version of its GarageBand audio application for the iPad. Like the iPad 2, GarageBand and the updated iMovie were given a March 11th release date, but like iOS 4.3 the applications have made themselves available a little early. Both apps extend the multimedia capabilities of the iPad, with on-device video and audio viewing, editing, and sharing — the iPhone will not have access to GarageBand 1.0. Both applications are priced at $4.99 and available immediately in the App Store.