Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
I attempted to do this last year with an old 2G I had laying around. In order to do it, you need to downgrade the version of iTunes, as well. I managed to do it, and get back to 1.1.1 with iTunes 7.0 I believe. I needed XP to do it, as it didn't work with Vista for me, and I didn't have a Mac at the time.
It's very time consuming, and you will have to edit a few files in the XP files so iTunes will work. I then updated to 2.1.2 a few days later, it was too boring.
 
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.