NOT!!! click this
Well, Apple did a cool job with the iPod shuffle, but an iPhone Shuffle? A phone without a screen? Where's the buttons at?
Apple says "Life is random". Random is not cool when you answer that call from the last person you want to hear from because you don't have caller ID, or you hit the "random call" button and end up at 1-800-hot-girl.
This is a joke, but I could really see Apple doing it. I'm sure it would function efficiently, be stylish, and have a big enough screen to show a phone number.
Apple would market it to those who can't or won't pay $500 for a regular iPhone. Instead they'd get one with no features at all, except a random mp3 player.