I currently have an iPhone which I plan to get rid of. I will be buying an iPod touch in the near future but just wanted to know if it was possible to transfer the current apps on my phone, to my laptop via iTunes and then once I buy the iPod touch, put those apps from my phone ( in itunes) onto the iPod?
Yes, any apps you have will be backed up on the laptop and can be added to your new device.
I've recently done the same but in reverse, have an iPod Touch bought an iPhone and have replicated them onto that.
As above, but bear in mind they need to be the same version of iOS. If your apps on your phone are iOS 6 and the iPod iOS 4, then they probably will not work.