As promised — the steps to achieve a full hardware unlock of the iPhone. Rather than me copy/paste directly from geohot’s blog, just follow the link below. It’s divided into separate blog posts coinciding with his wonderful sense of humour. You’ll laugh, you’ll cry, you’ll potentially end up with an unlocked iPhone.
I must warn you: it’s definitely an advanced procedure not intended for the faint of heart. If you have the skills, or the balls, have at’er. It’s currently the only working method aside from going the Turbo SIM route; however, Bladox remains out of stock. I feel for those less fortunate, really.

My spidey senses are tingling (again)… I can feel a complete software unlocking coming soon.
Kudos George, and everyone else involved.
Software hack is out