(2) Neoprene Sports Armbands For iPhone or iTouch - $16.50

Give your iPod a snug little shelter while you sweat to the oldies. Allow your iDevice the neoprene comfort of this Active Sports Armband, only $16.50 for 2 with this Half Off Depot deal (normally $48).  I believe this INCLUDES SHIPPING.  Constructed of lightweight, washable neoprene and reflective materials, the fully adjustable Active Sports Armband is the functional way to carry your phone during nearly any activity. The armband's sleek design effectively minimizes bulk. The heavy-duty Velcro adjustment provides for a universal fit while the clear cover offers convenient access to the touch screen. Compatible with iPhone 3G, 3GS, and 4, and the iPhone.
OR, if you're crafty, you can MAKE one of these handy devices from an old tube sock!  Here's the scoop: