8GB iPod Touch 1G into an 8 gig flash drive?

hey guys. well the laptop my school gave me to do school on is having a problem and they are gonna replace it. so i need to transfer all my stuff. i only have a 1 gig flashdrive but an idea struck me. is it possible to turn my iPod Touch 1G into an 8 gig flashdrive? so when i plug it into my laptop the same menu that comes up when i plug my flash drive in comes up when i plug my iPod in? i really need to know this cuz if i cant i have to go out and bu an external for 140 bucks. i need one but i was hoping i could wait a little to buy one

 

so i can only do this with touch copy? is it free?

 

i bet i can find an activation code for touch copy

 

oh, sorry. i didnt know that. ok, i got TouchCopy but now i have 4Media iPod to PC Transfer and TouchCopy. both full versions. now, which is better? i dont wanna have 2 programs that do basically the same thing.

 

i was thinking of a bigger flashdrive but i wanted something free cuz i am broke