FrostWire has just released their P2P service for Android phones. It's a file-sharing network, which means it's a decentralized peer to peer service, just like the late LimeWire. You can download FrostWire P2P from the Android Market for $5 or free if directly from FrostWire.com, which begs the question, does the $5 go to FrostWire or the Android Market?
FrostWire will let you "search and download files on millions of devices," according to the Android Market description. This means you can look for music and video via FrostWire. Which in turn, leads to another question: do you really want tons of music and video filling up your phone every week? FrostWire might be better suited for your home computer.