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phone for hacking
There are two levels of "hacking" with a phone and it's unclear what you're refering to.
Yes, you can in the "computer" sense (such a poor analogy) but it rather depends on the phone (CPU speed & instruction set, OS/Microkernel?, Memory etc).
There is also telephone system "hacking" known as "phreaking" however it's entirely different and I probably shouldn't mention anything more about it.
EDIT Just forgot to scrub a word out.
Jim,