If you are not already jailbroken, you can use
Limera1n. The procedure is fairly straightforward.
To unlock, there is a nifty new exploit for iPhones with basebands 05.14 & 05.15. It involves upgrading to an iPad baseband (06.15) using the PwnageTool.
Read more
here.
I you do go through with it, please post your impressions/experience. I thought my iPhone was a goner (I have a thread here relating my water + iPhone experience) but it turns out after multiple resets the phone works perfectly still. I have succesfuly jailbroken using Limera1n but have yet to test this new unlock.
Cheers!
Edit: just saw that there are risks involved, including losing GPS.