Best place is in a 'soft drycase' strapped on your upper arm I reckon - I'm now using my iphone and using kitetracker. In its waterproof pouch it floats in the event that it might become detachted from me
This is the one I use - H2O Audio Amphibx Fit Waterproof Armband for iPhone - (previously I had use my garmin etrex again in a 'soft' waterproof case strapped to my thigh when I had a dabble at speed sailing