Dead iPod?

I think my iPod is dying.

I've got it plugged into my computer and listen to it through iTunes, like I do every work day. Today, I hear an unfamiliar beeping noise. I search my desk only to find its coming from my iPod. I look closer and see this:

[It reads: No battery power remains. Please connect iPod to power]

When this happens, it disconnects itself from my computer thus my music ceases to play. After several minutes, it reconnects itself. I start to play my music. After a few minutes the cycle starts over with the beeping.

Mike recommended resetting it so I tried that, but it hasn't helped.
If it's dead, I'll be ever so sad!

Has anything like this ever happened to you? Any suggestions on what may be wrong?

I HAVE to have music at work though, so I decided to go ahead and pay for a month's subscription to Last.fm.