iMovie running on 3GS and iPod Touch 2G with iOS4
Want to run iMovie on your jailbroken Apple iPhone 3GS or iPod Touch 2G? RedmondPie had a tutorial on their website but due to the tutorial making you edit .ipa files which violates the Apple DRM he took the tutorial off the site. So you can have better luck looking for one online.
Here is a video demonstration from RedmondPie as well showing an iPhone 3GS running iMovie on iOS4.