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The Cassette To iPhone Converter ($80) plays and converts cassette audio to MP3 files, storing them onto an iPhone or iPod Touch.

Tapes can be listened to using the headphones jack (headphones required) or by connecting its audio output to a stereo system for scanning forward or reverse to select tracks for conversion. Cassettes can also be converted to a PC running Windows 7, XP, or Vista or a Mac using the included software.

Update (Thanks, droid): No longer available from Hammacher Schlemmer.

Pft. We’re still holding out for the dashboard-mounted eight-track to mp3 converter.