(FORTUNE Small Business) – Wouldn't it be great if your wristwatch could store all your e-mail, back up all your douments and spreadsheets, and create an exact copy of your personal desktop on any computer in the world? What if that same watch could repair the ozone layer, win the war on terror, and mop your kitchen floor? What if it could even tell the time?

Okay, first things first. Starting in 2005, PowerHouse Technologies will offer its Migo software embedded in watches such as the one pictured here. The software lets you back up all your personal files and settings: Outlook and web browser preferences, cookies, wallpaper, the lot. So you can plug your Migo into any computer anywhere and watch your familiar desktop pop up automatically.

Migo currently comes in a flash memory device about the size of a cigarette lighter, with a storage capacity of as much as one gigabyte, priced from $100 to $450. Over the past year PowerHouse, based in San Ramon, Calif., has sold about 10,000 of the Migo units. In October the company announced a new Migo product that lets you store your computer settings and files on an Apple iPod, and in 2005, PowerHouse will release the watch version.

Migo is the brainchild of Jay Elliott, a genial former Apple executive who led the company's engineering department back in the early 1980s. He says he hopes that road warriors everywhere will embrace Migo as an alternative to lugging a notebook computer and/or accessing files via the Internet. "The Net is not a safe place," Elliott says. "That's why people still carry wallets." —RICHARD MCGILL MURPHY