The iPhone Dev-Team (no relation) have been teasing us for a little bit now with what they've been saying is an iPhone OS 3.0-compatible version of yellowsn0w, and tonight in a video presentation they unveiled ultrasn0w, which should let you unlock any iPhone on the market, running any version of the firmware from 3.0 on down. The trick to how they're getting the jailbreak hasn't been revealed yet for fear of Apple making a fix at the eleventh hour, but if everything goes according to plan, the new hacking software should be out Friday in time for the iPhone 3G S (no guarantee it'll work on the new device). Hit up the read link to watch the magic happen right before your very own eyes.

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iPhone 3G running OS 3.0 unlocked, ultrasn0w release coming Friday