I once thought of someday seeing Linux running on an iPhone. Then came Android, the Linux-based mobile operating system that is destined to run on just about any modern electronic gadget. So now I firmly believe that it won't take long before we will see an Android-powered iPhone."Why bother installing Android on an iPhone?" you may ask. I've got a simple answer: a combination of the most gorgeous phone in the world with the most advanced mobile OS would be spectacular. Maybe only a few adventurous techies (me included) can appreciate the notion, but I don't mind telling you all this.
There's an active project called iPhone Linux that is still in the very early stages of development. They have a great goal of someday creating an open source operating system that can be a feasible competitor to the existing iPhone OS. They are also planning on collaborating with Android, OpenMoko, and Ubuntu Mobile. I'm sure one of the trickiest parts of development would be creating several iPhone specific drivers for display, multitouch, wi-fi, accelerometer, sound, baseband, and so on, so I wish them luck.
As of the moment, I haven't heard of anyone who has successfully installed Android on an iPhone. But there was a rumor about a Belgian man who has installed Android on his iPod touch (see photo below).
My list of Linux hackable gadgets may convince you that putting Android on an iPhone is never impossible. To those who can't wait, you can always check out the G1 phone from HTC, or hang on a bit for the Android-powered Moto that is coming in a few months.

I think this is a fake, because if this would be true, there would be more to find in the web.
Conversion software is sold for $10, developer will be Millionaire within a month.
I personally love to see and convert my iPhone which I am not using because of headache with iTune.
It work! Yeah!