My wife and I have 2 new iphone 4's but one current iTunes account.  How do we sync with one account?..or do we need to have 2 itunes accounts?

My wife and I recently purchased 2 new iphone 4's.  I have an itunes account with tones of songs.  How do I sync the phones with my itunes account?  Since there are 2 phones, do we need to open a second itunes account?  If so, is there anyway to transfer music from one account to another?

You can both share the same iTunes account for iTunes content, but you need separate Apple ID's to use iCloud, iMessage, FindMyPhone & FaceTime. The Apple ID's for iCloud, etc. MUST be verifiable email addresses. If you don't setup separate Apple ID's for this suff, you'll have a mess on your hands. Here's Apple's support document on using multiple devices on one computer:
http://support.apple.com/kb/ht1495

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