Codename: yellowsn0w is the iPhone Dev Teams iPhone 3G unlocking project which is finally going to be released on New Years Eve. Musclenerd from the Dev team demoed the exploit over the weekend in a live stream via qik.com. He used a jailbroken 2G iPhone running the Qik application to stream live video of an iPhone 3G unlocking before our very eyes. Now remember, the exploit only works on phones that still have baseband 2.11.07 or earlier. So if you were one of those people that didn’t heed their warning, you are out of luck for now.

Head on over to the iPhone Dev blog (link in the center column) and see what they’ve got cooking. I’ll post links to the software on New Years when it’s released.

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