While listening to a podcast earlier today my iPod just stopped working. It was showing that it was playing the current selection, but the time-bar wasn't progressing. After a few moments it would skip to the next selection and repeat the process. After a few times of it doing this without responding to my click-wheel (save for adjusting the volume), the iPod stopped responding to anything. I did the reboot (holding menu and the selection button) however doing so caused the apple to show up as normal only to be followed by a red circle with a red "x" inside of it with the message "www.apple.com/support/ipod". Now my computer nor itunes recognizes the device and rebooting just yields the same results. What can I do at this point?
Note that it is often the sign of a hardware failure, usually with the iPod's hard drive. You can try slapping it again your leg with a bit of force as it may just be that the drive's read/write head is out of place.
If no luck you'll want to have your iPod serviced or replaced either by Apple or a third party repair company.