Rather than TrueCrypt or LUKS partitions, just symmetrically encrypt your wallet.dat file.

$ gpg -ca wallet.dat

which will produce wallet.dat.asc . Just delete your wallet.dat after use (not the -.asc). You'll need to periodically create a new symmetrically encrypted version before each 100th transaction and back it up.

Great guide. Very helpful.

Another thing that's useful for long term storage is using Shamir's Secret type splitting to break the wallet into several parts. This requires that some given number of parts (you choose) are recoverable and can be joined back into the secure file.

With this method any part is useless alone, and any several parts is also useless but if you have the correct number of parts (or more) then it can be reversed and used again. This is really good for organizations who want to enforce that several people need to come together to agree to access the wallet. Or when you want to store parts in various public places but be sure that if you lose some you can still recover.

eg. Split in 5, with 3 required parts. Then you can put them in some places and as long as someone doesn't get 3 out of 5 they can't use the data. There are Shamir programs for most OS. I've used the one for Ubuntu from the repos successfully.

Thanks for all your advices.

–and 4 posts… Am I allowed to go and play with the grown ups now…?–

No because the Bitcoins are not in your wallet.dat file. Your wallet.dat is a key allowing you to access your Bitcoin account data in the Block stream...

Just use GPG encrypt wallet.dat on wallet's that you are not using.

Great guide! Can't be too careful 'these days'

What exactly is "grandma style"?

Perhaps a wallet for every coin?

Fellas!

 Take a look at this:

 Wallet in the Cloud - Keeping your Bitcoins encrypted and saved into the Cloud!
 http://forum.bitcoin.org/index.php?topic=22386.0

 What do you guys think about my solution?!

 It is really easy to do by everybody...  

 And it can be easily changed, or used with a USB pendrive instead a Cloud environment...

Cheers!
Thiago