Jailbroken iPod Touch 2G (3.0) Problem

So I recently upgraded my iPod Touch 2G to firmware 3.0, after jailbreaking it i downloaded winterboard and a theme, when i applied the theme the loading circle came in the middle of the screen as usual, but it stayed frozen for so long that the ipod restarted itself. After the ipod restarts now, I see the apple for a long time, the loading circle, and then it restarts and does the same thing over and over again. I tried letting it run out of power, but when i plug it in it keeps doing the same thing. It also won't let me restore it because it keeps restarting. Is there any hope or do I need to buy a new one?