Yamaha has announced a new MP3 player, the BodiBeat, that promises to DJ your workout, selecting tunes based on your heart rate.  According to Yamaha, it’s “the world’s first music player/heart rate monitor that selects and plays songs to match the pace of the user’s workout.”

The player goes beyond Apple’s Nike + iPod combination, a wireless system that connects running shoes to iPods. The system monitors your heart rate using an earphone sensor, and selects songs based on BPM and your preferences. It can also randomly remix “beat loops” to create a continuous mix adapted to your workout pace.

BodiBeat also will let you manage workouts and your music via PC and Web software. No word on Mac software.

While the BodiBeat promises to introduce some interesting twists to the MP3 player market, pricing is expected to be a steep $300 for a 512mb player, and Yamaha’s BodiBeat marketing is lousy compared to Apple’s.