yes
the iaudio x5 will be able to interface with the axim x50 when WM05 comes out. it is a 20/40 gig storage drive but it itself can play music and movies (nice color screen). however youd probably rather play movies on the axim, as the X5 can only do movie at 15 FPS.
check it out,
www.iaudiophile.com
/edit: for now, download
TCPMP (formally BetaPlayer for movies, and
PocketMusic for music. Both are free, but I recommend registering PocketMusic, you get some neat stuff.
Look on Aximsite's Deals section, there are lots of deals on 1 gig+ CF and SD cards...you can get very cheap multigig storage CF cards now. I have a 1 gig SD card, and on there I have 9 episodes of south park, 10 ripped hi-quality mp3 cds, and still have lots of room for other things.