Walkie Talkie Watch
This watch appeals to my childish side but in a good way. It's exactly as the suggests: a walkie talkie watch, which is also fun to say.
The watch has 22 channels for the US and 8 channels for Europe, it has a backlit LCD display, a call alert button for those urgent calls, and comes with earbuds to complete the ensemble. It has a range of over 1km and has a rechargeable lithium-ion battery.
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You can buy a walkie talkie watch for yourself from Chinavision for $30. Oh, and of course, that includes two watches because what's the use of a walkie talkie if you've got no one to talk to?