Quote from the TrueCrypt documentation:
IMPORTANT: If you want to use TrueCrypt, you must follow the security requirements and security precautions listed in this chapter.
The sections in this chapter specify security requirements for using TrueCrypt and give information about things that adversely affect or limit the ability of TrueCrypt to secure data and to provide plausible deniability. Disclaimer: This chapter is not guaranteed to contain a list of all security issues and attacks that might adversely affect or limit the ability of TrueCrypt to secure data and to provide plausible deniability.
http://www.truecrypt.org/docs/?s=security-requirements-and-precautionsand especially from the malware section:
It is important to note that TrueCrypt is encryption software, not anti-malware software. It is your responsibility to prevent malware from running on the computer. If you do not, TrueCrypt may become unable to secure data on the computer.
A lot of people here are just telling the noobs: "I have TrueCrypy, everything is secure." That's just not true. And it is even worse: The very fact that TrueCrypt appears to be a click-here-click-there-I-am-secure-now tool gives people a feeling of security they don't have. Like any security tool, TrueCrypt is worthless unless you are aware what exactly it does.
For the task of protecting wallets I would go even further and say that TrueCrypt is not a appropriate solution. For this application it is almost as bloated as VMs.
If you want to encrypt wallet files for backups, use GPG.
If you want to protect the wallet file from being stolen from your disk, use encrypted folders of the kind that your operating system provides. But don't expect it to be protected against malware while in use. Everything you have access to, the malware you catch has access to, too. It will protect you against people who steal your computer, but it will not protect you against malware.
PS:
Just to prevent misunderstanding: In my opinion you can do whatever you like to. But stop making such strong claims misleading people who understand less then you do.
PPS:
Maybe we need a security subforum.
