@geohot has done it. He has the world’s first 05.11.07 iPhone 3G/3GS unlock that is to work even on the latest 3.1.2 firmware. Here’s how everything will go down. Note that nothing will be released until noon EST today.

If you aren’t jailbroken at all or are not on 3.1.2, go ahead and do so. blackra1n RC3 will be used to jailbreak your device. After being jailbroken, you will use the blackra1n app (will be on your homescreen) to install Cydia as well as the blacksn0w unlock.

If you are jailbroken and have used blackra1n and still have the blackra1n app, open that up, and you should see the blacksn0w option. Install that, and you’ll be unlocked.

If you are jailbroken and have used blackra1n or PwnageTool but don’t have the blackra1n app, you can redownload it in Cydia later today.

If you’re on a iPhone 3GS or a iPod Touch 3G, read the following:

Also, a note. This may be the best iPhone users ever have it. Be sure, if you have a 3GS or iPod Touch 3, to use Cydia’s “On File” or Firmware Umbrella in order to be able to restore to 3.1.2 in the future. And as always, the baseband cannot be downgraded, so be *super* careful with updates if you need the unlock.

It’s not really complicated. More details and links will be posted later today when all of these things go live about two and a half hours from now.