Or something in a similar vein -- have an obviously encrypted portion of the disk, but hide the actual sensitive data via steganography.
In the encrypted volume, put sensitive but non-incriminating data (such as tax returns, bank info, commonly used [but outdated] list of passwords, etc.) to justify its need to have been encrypted.
More along the idea you mentioned, I've seen programs for iOS devices (and I'm sure they exist elsewhere) where it uses a pair of passwords: a "dummy" password that unlocks a "safe" set of files and a "real" password that unlocks the real hidden content.
>>More along the idea you mentioned, I’ve seen programs for iOS devices (and I’m sure they exist elsewhere) where it uses a pair of passwords: a “dummy” password that unlocks a “safe” set of files and a “real” password that unlocks the real hidden content.
Truecrypt is one.