If you really want to do video capture, probably the best bet is some kind of chest/helmet mount.
You can get pda grips that attach to camera mounting systems, which would let you do it, but the systems are bloody expensive and I don't know of anything that lets video work, but still protects the phone, which is going to be a real risk – very expensive phone and very fragile.
For less money than a fancy mount system (ones I've seen, you're talking hundreds of pounds) you could probably pick up a video camera or compact digital camera that will take far better footage than a pretty mediocre phone camera like the iphone.
Joe