Is there an iPhone app that takes continuous photos? I am looking for an app that can take continuous photos.  In other words, I should be able to set the interval (e.g. every 3 seconds) and for how long (e.g. 2 minutes) and it would just snap photos.

Does something like that exists?
Try Triggertrap, it has time lapse and other options to trigger a photo. It works with the iPhone's camera or, if you purchase the appropriate cable, you can hook it up to a dslr. The free version is limited but I think provides the functionality you're looking for.

Triggertrap Mobile