Some of my friends have jailbroken their Apple devices, but I'm not sure myself. Here, I'll give you some background info: I got my Ipod 4th Gen. as a Christmas present last year from my parents, and I am extremely reluctant about messing up my device. I have recently updated my Ipod to Version 5.1/ iOS 5, and I have done some reading on multiple sites, stating that they have just jailbroken that software. I've seen the benefits of jailbroken Ipods, but I terrified about messing up my device. Please notify me of trusted websites and useful information. Thanks!
You shouldn't be too worried about it. I've jailbroken lots of iPhones and iPods and nothing has gone horribly wrong. Most if not everything is reversible so don't worry. As for places to go, redmondpie.com has a good guide, lifehacker.com also has one. Most of the things that you find on the Internet are good as long as they aren't asking you to pay for it. blog.iphone-dev.org is the official dev-team site so that's always a good starting place.