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With a free piece of software called Whited00r, users can install a custom version of Apple's iOS 5 on an older iPhone or iPod Touch. As with any hack, users should proceed with caution.
So you've got an original iPhone and you're hanging on to it for sentimentality's sake. I get that. But that doesn't mean you have to sacrifice all the cool, new goodies that accompany the latest versions of iOS.