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If you're talking about a regular iPod, I'm not sure, but an iPod Touch is a FANTASTIC aid for a nursing student (and nurse)!
There are literally dozens of useful apps for it at the App Store, and the major medical publishers are making more and more texts available for the iPhone/Touch. I have six nursing texts on mine, including Davis' Drug Guide and Taber's Medical Dictionary--the complete texts! SO useful in clinicals, I can't begin to tell you.
Beyond that, there are many, many nursing-related podcasts available FREE on iTunes, and some nursing class lectures as well. Add to that the ability to check Medline and other sites if you have wifi (for the Touch), or look up and play medical YouTube videos, and I'm so glad that I got that little gadget! I use it as a calendar/planner, too, although it leaves a little to be desired in that department.
Yesterday, I went through the Apps Store from my iPod Touch and found many useful medical programs that I used to have on Dell Axim and they are now available for the iPod Touch as well. Tried one of the free product of Skyscape and I really loved interface of the Skyscape product.