If you're hot and bothered by the Galaxy S III on Verizon and have a burning desire to get your grubby little mitts on some custom ROMs and kernels, then rejoice, because you'll no longer have to plunk down $600 on the Developer Edition to partake in the fun. That's right, the encrypted bootloader of Big Red's Galaxy S III has now been unlocked. If you're wanting to partake in the fun, you'll find the requisite utility and a complete list of instructions over at xda-developers. As is, you'll need either Linux or OS X to carry out the dirty work, though workarounds for Windows users are possible. Be sure to do a bit of soul-searching before pulling the trigger, however, as any future updates pose the risk of bricking your device. That said, if you dive straight into the world of custom ROMs, it'll be much less of an issue.
[Thanks to everyone who sent this in]
Update: Hit the break for a video that shows the process of unlocking the bootloader on Verizon's Galaxy S III.
[Special thanks to Adam Outler and François Simond]
*Verizon is currently in the process of acquiring AOL, Engadget's parent company. However, Engadget maintains full editorial control, and Verizon will have to pry it from our cold, dead hands.