How do you not lose your ipod?

I know I saw a thread on this earlier but I can't figure out how to effectively run a search. Any info on that would help me a lot, sorry for being the newbie.

I've read that the waterproof options for the ipod work decently but I'm curious as to how people don't lose their headphones and ipod to Dave Jones on a big spill. Seams like the wakeboarding version of a yard sale would be inevitable.