Jailbreaking allows iPhone, iPad, and iPod Touch users to run unauthorized third-party software and customize their devices beyond Apple's limitations. The jailbreaking process involves unlocking the operating system to grant root access. Once jailbroken, users can download apps from Cydia and modify features like installing WiFi hotspots, using FaceTime over cellular networks, blocking calls and texts, and customizing home screens and lock screens. While jailbreaking is legal in the US, it voids the device warranty and carries small risks like potential lag, viruses, or incompatible apps.