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3.
Does and doesn't exist.

1.)It does because people who wants an iPod would drool over someone elses iPod, not knowing that there are better mp3 player out there in this world.

2.)Doesn't exist beacuse people who are smart would know that there are other mp3 players that are cheaper and better than an iPod/Nano. See bullshit
1.)
Some Person: *drrols over someone's iPod*
Me: There are better and cheaper players out there you know.

2.)
Girl: iPods suck!
Boy: Shut the fuck up. You have iPod Envy
Me: No, you shut the fuck up you iSheep. Realize that there are other mp3 players out there which are better than your iPod.
Boy: OK
Me: Uggggh, iSheep....
by Tasty Butter November 24, 2007
 
1.
The feeling one experiences when one sees others canoodling and chuckling amiably amongst themselves, or sharing anything warm and intimate, while the person feeling this horrible feeling is trapped, alone and lonely, in the desolate atmosphere spun around them from the little block of hardware in their hand.
Miguel saw the young people laughing and teasing one another on the E train, and felt the suffocating rush of iPod envy. He turned up the volume on his Nano, but it only served to deepen his despair.
by gateskeeper January 24, 2008
 
2.
The feeling which explains why everyone on this site bitches about iPods and iPod users. Also a trendy way to appear untrendy.
Girl: iPods suck!
Boy: Shut the fuck up. You have iPod Envy
Girl: okay
by spacedog January 07, 2006