I think it’s safe to say Lookout Security is going to have a lot of downloads in the next few days.

Lookout helps you track down your stolen Android device

Picture this scene: Stalin Guzman is leaving his home to buy groceries, when a man approaches him with a gun. The thief then takes his keys and drives off in his car, which had his Droid Incredible in it.
Good thing his phone had Lookout Security loaded and ready to go.
Lookout is an app that will use your phone’s GPS to locate it via any web browser. It’s designed to be used to track down a lost or stolen phone, and it made the police’s job quite easy in this one. He pulled up his phone a computer, found his phone, sent the cops there, and they found and arrested the thief in 7 minutes…yes, seven minutes.
At first it might seem that installing something like Lookout might hurt your phone’s battery life or performance due to the app’s always-running nature, but this whole ordeal just goes to show how useful something like that can be in a pinch. Without Lookout, this guy’s car could be as good as gone. Instead he gets it back in 7 minutes thanks to his Android phone.

Local news coverage of the incident

Lookout includes other features, too. It has an anti-virus built in (not that you’ll need it…yet), can backup your apps, texts and contacts, and can even force your phone to play a loud alarm sound even if its on silent. Never lose your phone in your house again! Lookout even added a premium version, with features such as remote lock, so you can put a lock on your device via the web in case it gets lost or stolen. The regular version is free.