What exactly is jailbreaking?

So, I want to know what exactly is jailbreaking, what are the risks of doing that to your iPod/iPhone/iPad, and can it be undone? I'm kind of scared to do this, because it sounds illegal, and I'm afraid I might break my iPad. Also, how do you jailbreak, and what can you do once it's jailbroken?

Jailbreaking gives you an app called Cydia, which basically gives you almost/all the apps available on the app store plus more-- but they're all free! I don't believe it's illegal, but there are risks. If you get a tethered jailbreak, which is easier to do, you can't let your ipad/ipod/iphone die or shut it off or you will have to reset or re-jailbreak it all over. It can also give you some viruses and/or slow your device down. Jailbreaking is worth it, though. You can undo the jailbreak anytime by connecting to iTunes and clicking "Restore".

Hope I could help!

Jailbreaking is the exploitation of the Unix kernel on which iOS pertains to running on. It provides you with a package manager called Cydia that consists of repositories hosting various types of Debian Packages, all unsigned. It can be undone by restoring to factory settings through iTunes.
Assuming your iPad is running on iOS 5.1.1, use Absinthe greenpois0n, a light jailbreaking tool. No need to worry about its legal status, the Digital Millennium Copyright Act ruled jailbreaking legal in 2008. You can change the way your SpringBoard (home screen) flicks through pages, install themes for Winterboard that change may elements of the UI, and many other things. The only risk would probably be bricking it by installing an incompatible package from Cydia.

Jailbreak let you use free apps, games, you can do it with redsnow or greenpoison.

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