Giving my itouch to my son...how do I erase old and load new songs?

Thanks for taking a look at my post! I have an 8G 2nd generation ipod touch that I would like to give my son for his upcoming birthday. He loves music, is always wanting to use mine, and...because he's only turning 7, I'm reluctant to spend a ton of money on a new one, as it's likely to break within a few months of his owning it (if we're lucky). What I'd like to do is wipe out everything that's on it and load 20 (or so) of his favorite songs before I give it to him. How can I do this? I have my own iTunes account on my laptop. My wife has hers on hers. We don't have another computer to load another iTunes account on....so what should we do? Thanks very much, in advance, for any input you might have for me! 🙂