Wireless industry strategist Whitey Bluestein doesn't posit as to how Apple would create its own wireless network, but he does believe that the time is right for the move to happen. Bluestein has a history of working with major wireless carriers and big name tech companies like Microsoft, Nokia and Best Buy. Bluestein says that Apple's infrastructure of retail distribution combined with its iTunes platform (and the stored payment data for 250 million people) give it the perfect base to launch its own wireless service, and Apple has pending patents from 2006 which pertain to network architecture.
Bluestein thinks that Apple will be the first to move on this, and leave Google "scrambling" to catch up. The logic there is that Google "lacks retail distribution, experience with subscriber services, and the iTunes ecosystem of content." We would definitely agree with the first two points there, but the Google Play store is catching up to iTunes in terms of content very quickly.
The only bump in the road for Apple would be in regards to carrier subsidies, which would quite obviously disappear if Apple were its own carrier. Apple could use its vast cash reserves to lessen that hit, but it would still be losing upwards of $380 per handset, unless it could convince customers to buy iPhones at full price. Of course, if carriers start to push back and lower Apple's huge device subsidies, that may be just the push needed for Apple to start its own carrier service.