The iPhone and iPod Touch Pwnage Tool 1.0 was released today after much anticipation. If you would like to download and install it go to the iPhone Dev Teams homepage.

This offers up a new level of customization to the touch devices allowing users to complete access to the devices code to tweak and further develop it.

As with all programs that are designed to manipulate a OS this is highly recommend not to be used by the average person as of yet, or use with extreme caution.