Most high school kids spend their last summer before college bumming around Europe, chillin' at the beach, or hangin' with their homies. Not George Hotz. The 17 year old from New Jersey spent his summer with a soldering iron, an iPhone, and a case of Red Bull. The result? A wide open iPhone unshackled from the bonds of an AT&T Wireless contract. (You'll find all the sordid details on his blog.) Even better for H Most high school kids spend their last summer before college bumming around Europe, chillin’ at the beach, or hangin’ with their homies. Not George Hotz. The 17 year old from New Jersey spent his summer with a soldering iron, an iPhone, and a case of Red Bull. The result? A wide open iPhone unshackled from the bonds of an AT&T Wireless contract. (You’ll find all the sordid details on his blog.)Even better for Hotz: After eBay scotched his plans to auction the phone he traded it for a $50,000 sports car and three more 8GB iPhones, which he plans to distribute to his partners in iPhone hackery (the phones, not the car – duh):I will be sending the iPhones, unlocked if they wish, to jpetrie (the first donater),[sic] gray (the reversing genius), and iProof (who is truly amazing at finding stuff online). Thanks a lot everyone. I leave for college tomorrow, and this has been a great end to a great summer. If I ever do anything more with the iPhone, it’ll definitely be posted here.The new owner is Terry Daidone, cofounder of CertiCell, which deals in refurbished and recycled cell phones. No word yet from Daidone as to whether he sees commercial possibilities in the thing or just covets it as a piece of digital history. Whether it’s worth $50K is another question. I mean, it’s not like it’s a piece of cheese toast with the Virgin Mary on it (though I’m told that from certain angles, smudge marks on the iPhone’s touchscreen look like St. Steven of Cupertino giving you the finger.)What makes the iPhone hack a little less singular (no pun intended) is software that does essentially the same thing. UniquePhones and iPhoneSimFree.com both claim they can modify the phone’s SIM card – no soldering iron required. The difference is that while Apple wisely has left the Jersey Kid alone (are you paying attention, RIAA?), it’s less sanguine about the software hacks, threatening to unleash its legal beagles if UniquePhones releases its software.Would you buy a hacked iPhone? Post your comments below or email them to me here. Top tipsters will receive some hack-proof Cringe swag. Software DevelopmentSmall and Medium Business