I was thinking the same thing. One awesome idea would be to take the codes and feed them into some MIDI application. Hopefully even into Garageband in OSX which has high quality samples built-in.
One could then create an interface that assigns Chords to each individual button or a combination of any of the five - very much in the manner that Ubi's Jam Sessions works on the DS.
Te beauty of this is that you would have 2^5 combinations possible allowing you to store up to 32 different chords in one setting. And you would arguably look a little less dorky than those big dudes with tattoos on their neck playing "Free Falling" on a pink DS