iPod is disabled—try again in 22,300,114 minutes

My son changed his lock passcode and then couldn't remember what he changed it to. Now his ipod touch says " ipod is disabled--try again in 22,300,114 minutes which calculates out to roughly over 12 years!

Is there any way to fix it?

When I hook it up to my laptop, I get an error message from itunes telling me to first unlock the device.

HELP!!