Two Option Plays - Help?

[jws43yale]

I have not done much option trading in the past and wanted some advice on how you would structure these two plays. Apple is supposed to make a new iPod announcement on September 5th. I expect the stock to jump on the new iPod Nano news, but if they announce a full screen iPod the jump will be even bigger. I want to buy a couple of options contracts in anticipation of the jump. What would be the best way to do this expecting to exit the position be the Friday after the announcement.

Second, markets have rebounded on expectations that the Fed will drop interest rates at the September 18th meeting. I am concerned that they may not do this as historically a liquidity crisis should be handled by lending freely but not dropping rates. I want to use some kind of options/futures to hedge my portfolio in case this drop does not occur. Which benchmark or index would you recommend? Also, which was should I go about this?

Thanks.