Everyone has cracked software, pirated movies, & torrents. Then there's content that isn't illegal but very personal: chat logs, email archives, contact lists, usernames & passwords, FTP info, master passwords to everything, OH and my entire life's worth of inventions and ideas. I'm not saying they'd steal them but remember, we're talking about the American Government here. The same one that can't account for billions of dollars in missing money. Lost 6.6 Billion in Iraq and doesn't know what happened to it. And doesn't know how or why a warehouse full of missiles in the middle east is empty. If that's how they treat their money and weapons, I wonder how they're going to treat my life's work. So...
Just use TrueCrypt to create a hidden volume on a flash drive or SD card, keep everything else un-encrypted. They won't even know it's there. I've got a 32 GB SD card just for this purpose, it's got all my project files on it, thunderbird portable, my entire collection of inventions and business ideas, my life's work basically. If anyone were to plug that card in, it would just read "card has not been formatted yet". I've got a backup of it as well.
If you have a hard drive full of torrented content or DVD rips that look like torrented content just make 2 TrueCrypt volumes, one that is visible (put some porn on it to simulate a "this is all I have hidden" excuse) and the other volume hidden (with all of your pirated content). They literally won't ever know it was there.