A Chinese-manufactured MP3/MP4 player with a case and form factor generally to closely resembling one or more models of Apple's iPod. ChiPods are generally a fraction of the cost of Apple's iPod, have generally equivalent but inferior implementations of iPod functionality, don't accept Apple-proprietary formats, and often include supersets of iPod features like larger screens, additional audio processing features, audio recording, additional data formats, and FM radios. However, chiPods are very rarely connector-compatible with iPods and won't attach to iPod docks, opting to instead use industry-standard interfaces. (Notably, Apple's iPods are also Chinese-made--a chiPod is a player which visually bears some resemblance to an iPod.)
I just got several chiPods today. Some of them look a lot like iPods, they aren't as cool to use, but work fine.