This iPod case, made by Secure-it, takes the traditional locking functionality for laptops and incorporated it for the iPod. This, which honestly isn't that ugly, has a big, fatty combination lock to keep that iPod locked down. Strap it anywhere: your desk, belt loop, bicycle, backpack, etc. It would also work well for permanent mounting in a vehicle where audio theft is always a concern. Available in black and white for the nano, video and fourth gen models for 40 bones.

The Pod Safe security case for iPod [MacMerc]