George Hotz a.k.a GeoHot has released blackra1n RC3, which is an update to a 1-click jailbreak that adds activation options and an add-on blacksn0w, which unlocks latest iPhone 3G and iPhone 3GS ...
UPDATE: I was initially a little surprised by the vociferous reaction to this post about installing Installous, an unofficial App Store for pirated apps. The instructions are a quick Google search ...
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