Verizon Turns Up The Music

Nope. The WMA files won't play on the ipod, the AAC files won't play on the vcast phone... at least not legally. There are (easy) ways to do both though, but the moment you break the copyright protection (including file conversion) you would be in violation of the Digital Millennium Copyright Act.

I am not necessarily taking a stance on the legality, just providing all information.

I will point out that there is nothing illegal about converting music you own/rip off a CD into either format, or both... despite how the RIAA might feel about it.