Dev-Team, the group known for developing iPhone software hacks, released Pwnage Tool 3.1 on Tuesday. The new version of the utility lets iPhone and iPod touch 3.1 users jailbreak their device and install third party apps that aren't available through Apple's App Store.
Jailbreaking is a process that modifies the code in an iPhone or iPod touch so that applications Apple hasn't approved for distribution through the App Store can be installed and run on the device.
The release may be good news for older iPhone and iPod touch owners, but not so much for users with newer models. The hack is compatible with the iPhone, iPhone 3G and the original iPod touch. iPhone 3GS owners, along with second generation and September 9-release iPod touch owners are out of luck for now.
Using the hack includes a long list of warnings, so be careful if you decide to go down the jailbreak path.