For O.P.
I once revived a completely dead ipod touch battery by using aligator clips to connect it to my cell phone's battery terminals. i plugged the phone in, and it gave the battery enough juice to be charged normally.
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For arjun
Your ipod is in DFU mode just as you were attempting. redsn0w should allow you to contine. If you changed your mind and just want it back on, hold home and power for like 30 seconds, or until it shows the apple logo then let go and all should be well.