What does "jailbreaking" an ipod touch do?

What can i do after jailbreaking my IPOD TOUCH 2nd generation version 2.2.1?

ok so this weekend im thinking about jailbreaking my ipod touch, ive already watched youtube videos on how to do it and stuff but....what exsactly can i do after jail-breaking it??? on my freinds i saw him have a gameboy advance sp on his!?!?! how!? he jail-broke it...can i do that too? and can i get wifi off of a phone network? once again just please give me as much info on exsactly what i can do and get on the ipod touch 2nd generation version 2.2.1 while its jail-broken. THANKS GUYS :)
Answer:

yes you can get a gameboy.its called a gameboy emulator.if you jailbreak it you can do that.no you cant get wifi off of phone network, because you need a wireless router for wifi, and ipods cant get phone signals

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