One of my favorite little toys has been this cheap $20 USB dongle that was originally designed for over-the-air digital TV reception:
This thing doesn't have the best sensitivity and the antenna is primarily intended for UHF frequencies but it's still a very cool gadget.
So, what the heck can you do with this thing?
Using some free software out there (SDR# / SDR Sharp being what I use), this little thing gives you the ability to "see" radio signals in a waterfall display and tune them in for listening.
The concept of software-defined radio is interesting; a portion of radio spectrum is captured and transferred to the computer from the dongle where the software provides a graphical representation of signal strength (typically about 2 MHz of bandwidth at a time) and demodulates the portion of the spectrum that the user selects and tunes. The modulation schemes are all handled in the software (AM, FM, Sideband, etc.).
Again, so what the heck can you actually do with this?
You can listen to lots of different radio signals! While this cheap unit doesn't pick up shortwave or AM bands (the frequency range doesn't go that low), the FM broadcast bands (music) are easily heard as well as air traffic control, the 2 meter and 70 centimeter amateur radio bands, analog police, fire, and emergency radio, and quite a few other radio bands.
If you're a complete dork like I am, you might enjoy playing around with this kind of thing.
Anyone else interested in this stuff?