If you set up the Find My iPod service prior to the iPod going missing, then there is a chance that can be tracked, though it depends on a number of factors (the iPod is turned on, connected to a WiFi network, and has not had the Find My iPod service disabled). If you did not set up Find My iPod, then there is no way to track it. It cannot be tracked just be serial number.
Contact the police, giving them any location information you get from Find My iPod if you set it up and it returns a location. You should also immediately change any passwords for any online accounts you may have used from your iPod (the iTunes Store, for instance).
You posted in a forum for using iPads in large organizations, by the way. The iPod touch forum can be found here: