An overpriced mp3 player marketed by Apple that has a crappy battery and is marketed profusely on the Internet and TV. Ipods are commonly bought by ignorant people who fail to see the advantages of buying lower priced, higher quality alternatives that have better audio quality and battery life.
I just spent $300 on a new ipod because the TV told me to.
Literally means "next to last". In street speak it takes on the meaning "second to none" or simply used to describe something utterly appeasing. It is easy to get away with using this word because of it's confusion with "ultimate" by those who don't know any better.