1. no. - not all iphones. particularly baseband 4.11.08 +(only earlier baseband can be done). It can be unlocked though but by he phone's original seller e.g. ATT.
2. It is not worth to spend 400 for it. Unless the total amount you will spend for the phone plus unlocking is not beyond 1200 (current fair market price), as iphone5 is about to be released in 3-5 months time.