How to jailbreak and unlock iPhone 4 iOS 7.0.6?

Is there a way to jailbreak and unlock iPhone 4 iOS 7.0.6?

Yes, it all depends on the original carrier. You shall contact them directly and see if they could unlock it for you for free. If not, please follow the second link below. The first link describes unlocking in detail.

And for jailbreak there are many possibilities, just google one of them and proceed with the instructions.