iPhone 4 Erase All Data Problem

SOMEBODY PLEASE HELP!
I bought an iPhone 4 yesterday and before the seller gave it to me I believe he tapped "Erase all data & settings" and the phone has been showing the Apple logo and the Spinning Wheel of Death since then (more than 24 hours passed).

I already tried resetting it (Power on/off button+Home), it turns off but then comes back and starts the whole process all over again. I also tried connecting it to iTunes, which recognizes the iPhone, and pops up a message saying that my phone is in recovery mode and should be restored. I believe restoring the iPhone would also update it to iOS version 4.3, which I don't want for obvious reasons (the phone is unlocked). Its current version is 4.0.1 and I want to keep it that way. Is there anyway for me to bring the iPhone to life??? Thank you guys in advance, any help would be greatly appreciated!!!

I believe restoring the iPhone would also update it to iOS version 4.3, which I don't want for obvious reasons (the phone is unlocked). Its current version is 4.0.1 and I want to keep it that way. Is there anyway for me to bring the iPhone to life??? Thank you guys in advance, any help would be greatly appreciated!!!

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Restoring it will definitely destroy any jail break that might have been done but I'm not sure it would remove the unlock or update the iOS. Do some searching with Google and find out for sure. I do know that you're not going to get that phone working unless you restore it.

you could always try downloading "tiny umbrella." The program maybe be able to kick it out of DFU mode. its worth a shot.