TUAW reader Stuart tipped us off to such a case, designed and built by a friend who creates cases for bands. While this isn't the most practical iPhone case, it certainly provides a huge amount of protection. It'll also show a certain amount of panache to carry one of these Brady Cases around, flipping open the latches whenever you need an iPhone fix.
If you're interested in ordering a similar case for your iPhone, you can use this contact form to see if Brady Cases will build a custom one for you. Note that this case is not currently listed on the company's web site as a product offered for sale.