Yup, now with iPhone OS 4.0 on your iPhone, you can run multiple apps in parallel. There is no need to Jailbreak your iPhone as Apple will be officially supporting this feature from now on. Multitasking on iPhone OS 4.0 can be done via simple app-switcher dock. A double tap on the home button will open a dock like simple app-switcher allowing you to switch between multiple apps easily. You can run up-to 7 apps in parallel at most. Currently multitasking is supported in iPhone 3GS and iPod Touch (3rd-Gen devices) while iPhone 3G and iPhone 2G will not support multitasking when running iPhone OS 4.0.
As soon as Apple released iPhone OS 4.0 developers preview, one guy named EthanIn1970 already managed to install iPhone OS 4.0 on his iPhone 3GS. Check out this video in which Ethan is demoing the multitasking feature of this latest firmware by Apple.
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