Twenty Euros will score you a small, self-contained GPS keychain. Crack that case open and you can have a lot more. [j3tstream] explored the guts of the thing and found that the NMEA data can be streamed out of the TX pin on the GPS chip.
First off, check out that miniscule GPS antenna module, crazy! But we digress. For testing purposes the asynchronous UART of the GPS was probed, proving that the data can be acquired. From there [j3tstream] moved to an Arduino Pro Mini with an SD card for data logging. The uC is powered from the GPS board but this will quickly exhaust the stock battery so [j3tstream] swapped it out for one from an old cellphone.
That little dot-matix LCD that comes with the unit also caught our eye. If you can hack a headless interface for the GPS that could be repurposed for your next project. May we suggest a wearable gaming project for it?