Could this iphone 2G be brought back to life?

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Hi. My boss has an 8GB 2G iphone which he bought about 1.5 years ago or so. He unlocked it and used it but he had a lot of problems with it.

The last thing that happened was that it froze and refused to reboot. After recovery the wi-fi stopped working. He took it to some guy who claimed to fix iphones and installed the 3G fimware (that can't be right). The iphone not only did it not recover its wi-fi capabilities but it started to have an additional problem. When it locked itself (stand-by mode) it stopped receiving calls. Therefore he had to keep it in "awake" mode always which meant that he killed the battery quickly. He finally got fed up and just bought a brand new LG Arena.

He's probably going to stuff his iphone in the back of his drawer and forget about it but I'm thinking about buying it from him at a VERY low price. I think that, in the worst case scenario I end up with a slightly larger iPod touch and maybe, just maybe, I'll get it to work as a decent phone once again. After all, I don't mind spending some time fiddling with it. I'm pretty sure that the wi-fi is dead forever (don't really mind) but I'm guessing that if I manage to bring the phone back to 2G firmware it will become operational once again. However, I have no experience at unlocking, modding or anything related to the iphone. I don't mind learning but I need to know if it's possible to bring this phone back from the dead.

Thanks for the help.
 
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The only thing that I can think of would be to do a restore to factory settings through iTunes on the device. I'm not sure if this hits things like the radio firmware or not, but it sure is better than nothing.
 
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2.16GHz C2D MacBook w/ 2GB RAM & 120GB HD. HTC Droid Incredible.
Probably want to boot it into DFU mode then do the restore.

What exactly are you talking about 2G firmware? Doesn't make sense.
 
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What I mean is that the iphone is 2G but some guy installed 3G firmware on it. In other words, the iphone says it's a 3G iphone when it actually is a 2G 1st gen phone.
 
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So it is a Original iPhone with iPhone 3G firmware on it?

Put it into DFU mode and plug into itunes and update to latest version (3.0).
 

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