Shouldn't take more then a couple of minutes really (or even just a minute or so). Just follow these simple steps:
1. Backup your iDevice
2. Upgrade your iDevice with the latest (4.3.1) firmware through iTunes
3. Restore your backup
4. Run reds0w
Note: when running reds0w, just leave all the options as they are and use the 'next' button to go through the steps. Take your time to read what it says. If something were to go wrong, you can always restore your firmware and backup, but to be honest, I never had to do that (and I've jailbroken LOTS of iDevices already).
When done you will find Cydia on your springboard. This is the gateway to all the wonderful system tweaks available (lot's of them free, some of them certainly worth the couple of $'s).
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