Hello ewasn0w
You have an option to put the iPod Touch into a recovery mode to restore it if you are not able to do this via a normal method.
*Please keep in mind a restore will erase all data. And in this situation you will not want to restore from a backup file because it will bring passcode lock back from the last backup it made. And unless you can remember the code it will lock you out again.
*If a majority of your data is already in iTunes and other supported programs that communicate with iTunes and touch. It can be synced back to the touch.
iPhone and iPod touch: Minimum system requirements
http://support.apple.com/kb/TS1323
iPhone and iPod touch: Unable to restore
http://support.apple.com/kb/HT1808