Someone's already figured out a way to make the iPhone function without AT&T service - though only the iPod and Wifi work. And a few sites are already advertising fully-functioning unlocked iPhones.
Editorial note: Whoa! You've found a super-old post here on BuzzFeed, from an earlier era of the site. It doesn't really represent where we are anymore, and may in fact be totally broken, but we're leaving it up as a part of our early history.