Symptom
The iTunes (3.0.1) update appears in Software Update even though the installed version of iTunes is version 3.0.1.
Solution
1. Make sure that the current installed version of iTunes is 3.0.1.
2. Select the iTunes 3.0.1 update in the Software Update window.
3. Choose Update > Make Inactive.
This will prevent the iTunes 3.0.1 update from appearing in the list of available software updates. You can make the hidden iTunes 3.0.1 update available again by choosing Update > Show Inactive Updates.