There were some rumors circulating about the possibility that Wal-Mart will be selling $99 iPhones, other rumors were suggesting the release of a mysterious iPod Nano, a device supposedly shorter, but wider, than an iPhone, with the same sensors and camera, but which lacks 3G connectivity.

 The rumor stated that the new “iPhone-like device” will target people who couldn’t afford to buy a real iPhone, but want one anyway. None of the rumors was exactly on the money, as Wal-Mart has received $99 iPhones, but with a catch. The cheap iPhones are refurbished phones, devices used for a short period of time and returned in the 30 day trial period.

The heavily discounted phones come with the usual 2-year contracts and have been checked for flaws and are equipped with the latest software to meet factory standards. Apparently, the only drawback a refurbished phone could have would be the possible scratches visible on the case.

The refurbished iPhone 3G even comes with a 90 day warranty, which is amazing, if you think of it. The sale ends Dec. 31 or when AT&T runs out of stock, whichever comes first. Macworld Expo starts the following week, leading to speculation that AT&T may be using the occasion to clear inventory in advance of new models or new memory configurations.

This means that there still is a chance for the iPhone Nano rumor to come true, and taking into consideration that there have already been sales of mock-ups and the Internet is filled with pictures suggesting that Apple is planning something special, Apple enthusiasts might have a great time next week.