It was just a matter of time before someone found a way to install Android on an iPhone. That day has come.
iPhone Hacker and Dev Team member planetbeing has successfully installed Google’s Android operating system on the iPhone. He even set it up to dual boot Android and the iPhone OS.
In a video on Youtube, user planetbeing demonstrates that Android can boot, make phone calls, receive messages, WiFi, and it appears that several other features are also working. If you’re bored/disappointed with your iPhone and have some free time on your hands, you can download the system image and documentation from here.