You've seen a beer helmet for drinking beer hands-free, right? Well, the same should be done for cereal: on one side a chute with the cereal of your choice, the other a tank of milk. There would be a spot, right over the brim where the two would come together, and then down a tube for the wearer to eat. As alicia327 points out - a dial to choose more or less sogginess would be a good feature.
I thought of this, because picking up a cereal bowl while playing World of Warcraft was a serious imposition. I'm trying to think of hands-free ways of nutrition, you see.