Mophie OutRide Case Converts Your iPhone Into An Extreme Camcorder
It's a specialized iPhone case that provides extreme protection, while also giving the iPhone's camera 170-degree viewing angles. It'll waterproof the whole shebang, and it's available now for $150. That price even includes a multitude of adapters and holders, so you can strap your iPhone / extreme camera onto handlebars, surf equipment, and pretty much anything where you'd want to film some pretty intense footage.
Sadly, there's no iPhone 5 version available yet, but iPhone 4 and 4S owners may find this easier than buying a dedicated camcorder.