Brand name of portable music player, usually owned by people who want to look cool and pretend they are better than owners of other (often equavalent or even superior) similar devices.
Wow, gotta get me a new Eye-Pud.
Didn't you just buy one last week?
Yeah, but a new one just came out - I wouldn't be caught dead with that old one now. Everybody would think I'm a loser - almost as bad as if I had a better player but from a different brand.
Yeah, it's gotta be a gen-yoo-ine Eye-Pud, and the latest model, too, or it ain't shit.
Another way of saying eye candy; eye pudding.
"I met my favourite DJ the first time today, he's so hot, he's eye pud".