It was bound to happen.  A 17 year old kid from New Jersey hacked AT&T's iPhone.  Big deal you say.  It is a big deal if you're company invested millions of dollars into ad campaigns touting it's exclusive licensing of the iPhone.

George Hotz, a 17 year old from New Jersey spent his entire Summer (logged over 500 hours)reverse engineering his latest toy.  He has detailed every step on his personal blog .  After he successfully hacked the high-tech phone, he plans on selling it on eBay.

What's next for the teenager?  He plans on developing applications for the iPhone.

Another web site advertises that it has a SIM card that will allow the iPhone to be used on any phone network.  It's called iPhone SIM Free . 

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