the case i have for my 80gb classic is a belkin leather wallet style one. looks pretty cool. does the job nicely.
safety precautions would be dont drop it, submerge it, leave it out in the sun, or vibrate it. they have harddrives which use magnetic storage and unfortunately harddrives are prone to damage if neglected because its physical storage. its like shaking a baby!! ive dropped mine and its fine but i wouldnt make a habit of it. most of the time the harddrive is parked but if it is reading and you drop it then its likely to damage it. if its black then it can get very hot in the sun. i dont know if this would damage it at all but its a possibility. submersion in water is obviously something to avoid. and the vibrating thing is similar to the dropping thing.
certainly get a good case for it as if you do drop it then a case will protect is greatly.