Jailbreaking
Step 1)Go to Jailbreakme.com on your Ipod/iphone.
If it works,Download Cydia fro there,If it doesnt work,go to step 2
step 2) Download Redsn0w and your IPSW If you do not know what is your IOS Click here
Step 3)Extract the redsn0w rar file and open the exe file,then select the ipsw file with your ipod connected to your computer and watch the magic happen!
Running iOS 5.0, 4.2.9-10, or 4.3.4-5.
Not right now.
Recommended Things to download from Cydia:
-Install0us 4 (To download all paid apps for free)
-Barrel 2 (Makes your springboard awesome when scrolling to another page)
-infiniboard (Large amounts of apps on 1 page and scrolling can be enabled)
-infinifolders (as many apps as you want in 1 folder)
-Androidlock XT (Amazing lockscreen to have xtra security on your idevice)
-Winterboard (themes for your idevice)
-Bytafont (Get fonts on our ipod)
-Bitesms (Fast sms)
-SBSettings (Toggle wifi/3g/airplane mode/brightness with a swipe of a finger)
-infinidock (many apps on the dock)
-mxtube (download vids from youtube)
-Graviboard (all apps will be on zero gravity when toggled,pretty cool)
good repos to add (Cydia>manage>sources)