iOS 4.2.7 is available for CDMA iPhone 4 users on Verizon, with iOS 4.3.2 for GSM iPhone 4, iPad 2, iPad, iPod touch 3G/4G. To update to iOS 4.2.7, connect iPhone 4 with your computer via USB and start iTunes. Click on “Download and Install” (Mac OS X) or “Download and Update” (Windows) button at prompt to get the new firmware 4.2.7. The last major update for Verizon iPhone was iOS 4.2.6, released in February 2011.
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Sn0wBreeze is a jailbreak tool that only works for Windows. The following guide will help you to perform tethered jailbreak for iOS 4.3 on iPhone 4, 3GS, iPod Touch 4G, 3G, iPad 1 using Sn0wBreeze 2.3 b1 (iPad 2 is not supported). Do not upgrade your iDevice to iOS 4.3 if you rely on unlock.