SlashGear

If this info is true, the team from Hackint0sh and a Macedonian hacker successfully broke open the iPhone’s carrier lock allowing it to be used with a European SIM card. The previous hack only let the iPhone make calls, however, this process is suppose to fully unlock all functionalities such as incoming and outgoing calls, SMS and EDGE data access.

You should be aware that by using this hack to unlock the iPhone will invalidate the iPhone’s warranty as well as run the risk of your carrier canceling your service, or worse. Ok, that being said, the process requires a SIM reader/writer, a SilverCard smart card (with PIC16F877+24LC64 eeprom) and a V1Comp SIM.

Full instructions can be found on MY iTablet and Hackint0sh forums.