Put a desk over it.
While walking up to about 3.5 mph, it's possible to read, type, draw and work on a computer. Faster than that, or if you're running, you'll start to lose precision with the mouse and keyboard so you might prefer watching dvds, youtube, hulu, etc.
You can also talk on the phone while walking/working. Consider the noise your treadmill might make and whether you might be huffing and puffing. Experiment.
A little math before we get to the details:
- Walking or running burns *approximately* 100 calories per mile. If you walk a mile it might take 20-30 minutes, or if you run a mile it might take 8-15 minutes. Either way, it's 100(ish) calories.
- At a casual 2 mph, you could walk 4 miles = 400+ calories plus get 2 hours of work done instead of sitting at your desk. You might not even break a sweat.
I am a little handy with tools, but I'm no carpenter. My treadmill desk is a simple plastic storage shelf with the legs stacked up but only one shelf on top. It's a little wobbly but not precarious.
Things to consider for a desk over a treadmill or exercycle, see also my eHow article:
The desk should be approximately elbow or chest height and within easy reach when you're standing on the treadmill or sitting on the bike.
Find a table tall and wide enough to straddle the machine. Account for sidearms of the treadmill and measure clearance under the table, not just the top height and outside width of the table. On a exercise bike, consider clearance for your knees when pedaling.
If you're a bit more handy, another option is to install a large shelf on the wall adjacent to the treadmill. Make sure the shelf can support the weight of your computer and possibly also some weight from your forearms leaning on the shelf.
There are countless how-to's for building a more sophisticated setup, mounting the monitor to the wall, etc. Just keep your eye on the prize:
Get moving and get stuff done.