Doot has launched today in the iTunes app store, with location-based app that adds layers of discovery and fun to the physical world around you.

Doot has a novel take on the idea of “geofencing,” and harkens back to Dodgeball, Dennis Crowley’s precursor to location app Foursquare. Dodgeball made it (relatively) easy to notify your friends via SMS when you were nearby, and with the Doot app, you’re able to tag a location with a message, or a doot, even when you’re not there. Leave a doot for your wife when she walks by the restaurant where you had your first date, and she’ll discover it when she walks by, or even step inside to enjoy the glass of wine you bought with the Doot commerce platform the team is currently building. Physical gifting is another part of a three-tiered monetization strategy, which also includes virtual gifts and hyperlocal brand engagement, where merchants can use the platform for a number of customer targeting activities.

Doots can be public or private, so you’re able to check out what others are saying about the places around you, or send location-based messages to only the people you choose.

The geo-targeting is pretty accurate–to within 10 or so meters from an exact location, says CEO Srujan Akula. You can use touch-screen navigation on a map to leave a doot for a friend, or you can type in the address in and drop a pin on the location that way, too.

Doot was recently chosen as the audience favorite at the Pitch ’11 event, which we covered recently, and today’s Doot launch on iPhone is going to be followed shortly by an Android app.