You might be able to restore the iPod, you just need to put it in a different mode. Try plugging it into your computer. Press and hold both the sleep and home buttons at the same time until the screen goes black (can take longer than 10 seconds) then let go of the sleep button (the button on the top of the unit) while keeping the home button held in (the button on the front of the iPod). Keep the home button held in until your computer recognizes new hardware. You should hear some sort of sound coming from your computer speakers. That and the "installing new hardware" notice should come up in your taskbar (this is where you computer shows the clock). Let go of the home button once this happens. Open up iTunes and then restore it.
Just a little FYI - it may take longer than 4 minutes before you can a response. You might want to wait at least a few hours before bumping your thread. Remember that this is a normal work week and not everyone is on these forums during normal working hours (ie 9:00 AM to 5:00 PM). Most of the traffic here on iLounge is during the evening.
64GB iPhone 5 | 64GB iPad mini | AppleTV 2 (2012) | AppleTV 2 (2010) | 2012 15" MacBook Pro, 1TB SSHD, 16GB DDR3 1600 MHz, OS X 10.8.3 Mountain Lion | Apple Lossless | iTunes AAC 192kbps VBR | iTunes 11.0.2| Library size = 1.04TB | Legacy iPods: 3G 40GB, 4G 40GB, 5G 60GB, 160GB iPod classic (2009)