Quick Access to iPod Controls In Any Application & On Lock Screen | iPhone Alley
double clicking the "Home" button on your iPhone brings up a set of controls for volume, skipping tracks, and pausing your music without leaving the current application. There's even an "iPod" button that takes you right to the iPod application. But the fun doesn't stop there, so read on for more "Home" button tricks.
In addition to bringing up iPod controls from the home screen and other applications, you can also access iPod controls from the "Slide to unlock" screen. Wake up your iPhone by pressing one of the two buttons, then double click the "Home" button. A set of iPod controls will appear below the clock and give you access to play/pause, skip/repeat, and volume controls.
The last cool thing double clicking the home button does actually has nothing to do with music at all. By default, when no music is playing, double clicking the home button will actually bring up your Favorites list in the Phone app. This is extremely helpful when you need quick access to your phone from another application.
The "double click" feature can be customized from the Home Button preference page in Settings under General.