for unlocking the iPhone you will need a gevey sim or r-sim.. you can buy it from ebay..
for jailbreaking, well it is a very simple process if the iOS ver is 5.0.1: just go to jailbreakme.com frm safari and slide o jailbreak! then install installous from the new cydia app on your homescreen and you are good to go..
if it is iOS ver. 5.1.1 then you will need to perform a tethered jailbreak..