Honestly, what the fuck is wrong with this guy? Hacked iPhones are only a matter of time, and his 350Z was probably still worth north of $28,000. Unless he thinks he's going to be able to capitalize on having this phone, he truly is a sorry waste of skin.
Also: if you want a hackable phone, just run Windows Mobile or anything else that is developer-friendly. Normal iPhone users are not going to be willing to go through a bunch of rigamarole to run programs on their devices.