After some delays, the iPhone Pwnage tool—which is used to flash your iPhone with hacked firmware that will allow you to run any application, use it unlocked in any compatible mobile phone network, and basically do whatever you want do to with it, is now available for download. I have been testing this and previous versions for a few weeks now and it works well, but you will need a 2.0 version of the iPhone firmware to try the latest and greatest.
Pwnage is extremely simple to use. First you have to back up your iPhone data using iTunes.
Then, connect the iPhone, select the firmware from your hard drive and iPwn the iPhone. Pwnage will upload the new firmware to the iPhone and that's that: the tool will take care of everything and, in a few minutes, your iPhone will be ready to go.
I tried this with the latest modified version of iPhone firmware update 1.2.0 and it works as good as with the previous version. So go ahead, punks, and make Steve's day.
Note: if by any chance you come across a pwned version of the latest 2.0 firmware, my advice is not to use this version, as this Apple beta is not as stable as I wish. Instead, use the previous beta, which worked perfectly. [iPhone Dev Team]