Some of it, including Podcasts and iTunes U educational content do not require an account to download.
If you dont already have it, download and install it (link below) with the default prefs.
Now open iTunes, and smack the iTunes Store link on the left.
hit the App Store link on the top of this page.
Select a free app to download.
A popup will open asking you to sign in with your Apple ID.
Click Create New Account.
Click Continue to create your account.
Check the box to accept the Store Terms and Conditions, and click Continue.
Now, you will be asked to provide a payment method.
Notice now that the last option says None!
Click that bullet option…
Then drop your billing address.
Simply slide in your normal billing address, even though you are not entering a payment method.
Click Continue and your account will be created!
If you get the Address Verification screen just verify your county and click Done.
Your account is successfully created!
Now you’re free to easily download any free media from iTunes.
And of course there is always great content on iTunes U to grab free as well.
Click Buy to proceed with the purchase.
iTunes will prompt you that you should probably enter payment information to complete the purchase.
key in your Apple ID email and password, and then add the payment information as prompted.
put in your Apple ID email and password, and click View Account.
This will open your account information.
snag the Edit Payment Information button.
Now, smack the None button to remove your payment information.
Click Done to save the changes.
Your account will now prompt you to enter payment information if you take a stab at make a purchase.