There’s a new version of sn0wbreeze available which adds support for jailbreaking an iPhone running iOS 4.2.7. That’s the latest version of the iPhone operating system for Verizon iPhone users.
The sn0wbreeze tool is designed to run on a Windows computer. If you have a Mac you can also jailbreak your Verizon iPhone, but the trick is to perform a tethered jailbreak using iOS 4.2.6 IPSW, then install a Verizon Untether for 4.2.7 app from the Cydia store. Redmond Pie has details on how to do that as well.
Jailbreaking an iOS device lets you install apps that aren’t available in the iTunes App Store, including software that can change the look and feel of the device. The difference between a tethered and untethered jailbreak is that untethered users can reboot their devices at any time, while a tethered jailbreak requires you to plug your iDevice into a computer every time you reboot.
The latest version of sn0wbreeze also works with iOS 4.3.2 on non-Verizon iPhone, iPod touch, an diPad models. You can also follow my step by step instructions for jailbreaking iOS 4.3.2 using redsn0w.