Article: COMPAQ COMPUTER UNVEILS IPAQ 'INTERNET APPLIANCE'.(BUSINESS)

Compaq Computer Corp. is the first major computer maker to launch an ''Internet appliance,'' a stripped-down computer that some analysts say will replace PCs as the most common way to get online.

The iPaq Home Internet Appliance, about the size of a small VCR, comes with a built-in screen and a wireless keyboard. It runs a Microsoft operating system and can access the Web only through Microsoft Corp.'s Internet service provider, MSN.

At a press conference in New York today, Compaq also planned to present a small portable player for digital music in the MP3 format and a ''residential gateway,'' a device that is intended to act as the electronic hub of a home, ...

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