iPhone Real World Touch Detection.

Is there a way to get where the player touches the screen and translate that into real space like a Vector3 because I know we can get an x and a y co ord for iPhone touch but can one convert that to an xyz or is it possible to have where someone touches a 3D space it translate that?

Do you mean something like Camera.ScreenToWorldPoint?

Because it's really hard to understand from your question what you want to accomplish exactly...