help/advice...long

I started the couch to 5k last August.  I ran my first 5k in October.  It took me 53 minutes because I am a VERY slow runner.  I wanted to start the couch to 5k over again and work on my speed, but my next race was uphill, so I did the couch to 5k over with a 5.5% incline at the same speed.  I ran that race in December in 51 minutes.  I was unable to run faster do to exercise induced athsma.  I saw a doctor in December and got an inhaler and my breathing issues are pretty much under control now. 
Here's where I made my mistake:  I didn't exercise at all for about 6 weeks during Dec/Jan.  Then, mid January, I decide to start the couch to 10k program because my first 10k was going to be in April.  I tried to increase my running speed from 3.5 to 4.5.  I started having a lot of pain in my shins.  I wasn't able to keep up with the program due to shin pain and was getting very frustrated.  I decided to walk the 10k and I got on the training program "walk a half marathon".   I've been very successful with this program and will walk the 10k this weekend.  The problem is that it's not enough exercise.  I'm not losing any weight and need something more strenuous.
I noticed that when I do the elyptical (sp), I burn a ton of calories in a short amount of time and it doesn't hurt my shins at all.  I thought maybe this could be my exercise!
Then, last weekend, I went to a race; my husband ran a 8k.  I love the race atmosphere.  I loved the sense of accomplishment when the race is over and I really want to participate again.
This morning I started the couch to 5k all over again at my original slow speed of running 3.5 mph.  I finished Week 1 Day 1, but towards the end my shins were in a lot of pain.
What should I do?  Should I give up running and stick with walking and the elyptical?  Is there something I can do to alleviate the shin pain?
Any advice/suggestions are most welcome!

On the elliptical, when it gives you a number of calories burned, that is a calculation based on an equation in your machine....it isn't a true number.  The more fit you are the less likely you are really burning that amount.  (Not meant to discourage you--just wanted you to know).

Google shin splints and some of the many exercises you can do to warm up and cool down your shin muscles.  It is crucial to get a good warm up in before you exercise.  http://www.coolrunning.com/engine/2/2_5/196.shtml

Also, do you have good running shoes?  If you have not been fitted by a running shoe professional, do so quickly.  It makes a huge difference.

You can get past this--it took me a while, and the best thing that helped me was proper stretching and strengh training with weights for my calves/shins.

You can also check out Kinesio tape.  It's the funky stretchy tape that a lot of the pro athletes wear, some of them look almost like a frankenstein's monster all taped together, but the stuff work.

I use it when my shins hurt.  I run a piece around my knee, then down the side of the shin that is hurting and under the foot.

You can check out taping suggestions on youtube. http://www.youtube.com/watch?v=nacl7Df68kY
I didn't believe it could work, a piece of tape that didn't appear to be anchored or layered or anything that woudl provide a huge amount of stability, but just that little bit of pressure release from the tape really helps eliminate my shin pain.

Thanks for the help and advice.  I do have good running shoes.  i'm going to try stretching and compression sleeves and see if that helps.  If not, I'll try something else!

Hook up with a running physical therapist. They can be found at most large universities. They can get you established a good set of stretching exercises that should help to strengthen your IT band. Another good choice is a good chriropractor that understands running. They can work on alleviating the pain, and also give you stretching exercises thatwill minimize the pain from recurring. Good luck.