As for actually finding a cache with a TomTom, I should add the following note:
The OP owns a ONE3rd which does not support firmware versions beyond 8.016. Firmware that old displays the "road snapped" coordinates, not the real coordinates, on the satellite page. It is for that reason that his particular TomTom is nearly impossible to use for most urban caches and a lot of others as well. It will show his position at 90 degrees to the nearest road until he gets quite FAR from the road and the TomTom gives up trying to snap him to the nearest road position.
I and others complained that if a person were actually reading raw coordinate data vs. looking at a map, what they REALLY wanted was the REAL coordinate data, not some tweaked set of numbers on a road nearby. Road snap is fine, but don't lie about the latitude and longitude!
I don't know if TomTom heard our complaints in this regard or not, but with the advent of Navcore version 9.XXX firmware, the lat/long coordinates position on the satellite page are TRUE, not road-snapped coordinates. TomTom units released since 2009 have either come with 9.XXX firmware as shipped, or for the most part can be updated to newer 9.XXX firmware from their original 8.XXX firmware. However you get there, if you can, 9.XXX provides real latitude and longitude data.
For geocaching purposes, you'll need to set your TomTom's coordinate display (adjusted from the "Configure" button on the "GPS Status" satellite page) to the "Minutes (d?m.m')" (which gives you dd mm.mmm display) format that matches the posted coordinate format for geocaches. As I recall, that is NOT the default format for any TomTom model.
Those attempting to untether from the car and take a 9.XXX TomTom into the field to actually find a cache wont' find it as easy as with a decent handheld, even with real coordinate data. You'll have to keep your sense of N/S/E/W while you keep watch on the up/down ticking of the coordinate data on the display. A rough guide to distance in our part of the world is as follows:
For every 0.001 N/S difference between where you're standing and the cache coordinates, you're going to need to move another 6' or so. For example, if your latitude shows 40?01.335 and the cache is located at 40?01.340, you need to move 5 x 6' (about 30') further north.
For every 0.001 E/W difference between where you're standing and the cache coordinates, you're going to need to move another 4' or so. For example, if your longitude shows 104?59.520 and the cache is located at 104?59.540, you need to move 20 x 4' (about 80') further west.
OK - some obvious issues. Your TomTom is NOT water resistant, much less waterproof. It's NOT a purpose built handheld for backcountry use. Do NOT drop it in the drink. Further, your TomTom has nowhere near the battery capacity of a decent handheld. If you get a couple of hours out of it between charges, consider yourself lucky. Time can be extended through the use of external USB 'power boosters' like this one
Amazon.com: New Trent Super-pack IMP500 5000mAh External Battery pack for 3G iPad, iPhone 4 4G, iPhone 3G 3GS, iPod Touch (1G 2G 3G), Motorola Droid , HTC Android Phones, Blackberry (curve, bold, tour, storm) Brand new: Electronics that will give you almost 4X additional run time. However, if you own any of the newer GO series (e.g., the GO740 or later) there isn't a simple USB/USB connection.