Here's a list we're starting to need in our household, since the girls got new iPods this month, and my wife and I are each on our second or third:
Options include using it as a virtual flash card deck for speech notes, or to run a presentation, holding reference information, as a backup drive, and for booting Windows XP (!). Or, as TUAW suggests, you can give it to a friend or family member, keep it as a car unit, or, as I have done, load it up with background music for Christmas (or for intermissions for the band).
I may try to use the old iPod nano as a Mac boot disk, even though that's not supposed to work. It can't hurt to try.
Labels: apple, family, geekery, ipod