Google launched a new voice-search app for the iPhone on Friday. The search giant is finally cashing in on its free 411 phone service. As some speculated when it launched, Goog-411 has turned into something more than just a money-losing information service. Goog-411 helps Google collect a variety of samples to construct a voice-guided search-engine application.

I wonder if Google will attach a short, verbal AdWords-like advertisement to these searches? Local search, especially as connected to cell phones and increasingly as linked to the phones’ GPS services, is a HUGE developing market. Imagine having your ad included as a sponsored result for someone’s voice search. “Nick’s Pizza Shack. Just 10 minutes from you in beautiful downtown Akron. Press 1 to call for reservations.” The possibilities are amazing.

Update: And the whole thing is in limbo.