Yes I believe so, although im not 100% as I havent got an IPOD (if anyone has ones spare and wants to give me one then PM me :-))

Your BIOS would need to allow you to boot from USB devices,

You would also need to install some form of Linux on the IPOD, theres a replacement Firmware for it thats linux based, but not sure on the name. that should allow you to do this with some tweaking maybe if you cant do it already

this may help

http://www.engadget.com/entry/8817137592535661/

i2c