Yes you can, unlike what the person said before me.
If its electric, you can hack it, jailbreak mod it, etc.
You need to go out and buy a mod chip and have it soldered into the system, its complicated but can be done.
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You jailbreak the firmware.
Yes you have to jailbreak
yes,the 5.0.1 jailbreak came out !Official EasyRa1n Unlock/Jailbreak iPhone 4/4S iOS 5.0.1
At this moment you can't jailbreak the dsi. Refer to dsibrew.org for updates on it though.
The reason behind the jailbreak is sometimes theft of software (PS3 Games) and that is illegal.