I do think you could stick it in your pocket, but I don't think it will be real comfortable.
Do you need to move from one building to another, is that why you are wanting to put it in your pocket? I ask because if you are constantly parking at 1 place (like I do at work), you're a lot better off leaving the lock locked to the rack. I went to a small school where you could lock up 1 time and get to all the colleges from that central area. If you're moving from one building to another on the bike, I get the need to carry the lock with you.
BTW - I know you're living on the cheap. Here's a little help:
http://www.google.com/products?q=ong...mini&scoring=p