This waterproof player is getting a lot of press - it's a waterproof MP3 player with a nice, tight form factor from Freestyle Audio. A 1-gig player, with earphones, armband, and USB cable is priced well at $199.00. My H20Audio waterproof IPOD case is working for me, but the audio cable definitely gets in the way on occasion.
Freestyle Audio announced an interesting collaboration with ShredReady (I use one of their helmets) to integrate the headphones with a Shred Ready helmet. I'm looking forward to that one.