Is it possible to send/receive faxes directly on the iPhone? Is it possible to send and receive faxes directly on the iPhone?  

The goal is to try to avoid paying an additional 5 or 10 bux a month to use a 3rd party service.  I'm hoping the functionality can be either bought through an app or configured.
Looks like you're looking for the iFax app (Unfortunatlly I don't have a link here at work, but if you search for it in the store it should pop up), however I've got the next best thing!

http://www.macnn.com/articles/09/07/20/ifax.iphone.app.released/