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only if you have third party software installed, like ilocalis, or mobile me etc etc.


Using the cellphone towers will get you like a 500m radius and it will be useless.
 
The accuracy of triangulation will only be as good as the distance between the triangulated towers. More distance, less accuracy.
 
Can we roughly pinpoint the location of the iPhone that’s sending the signal to nearest cellphone towers.

I'm not sure I parsed your question correctly, but iOS 4.1 introduced CLLocationManager method startMonitoringSignificantLocationChanges -- it's worth taking a look if that satisfies your needs.

Using the cellphone towers will get you like a 500m radius and it will be useless.

GSM maximum cell size is round 35 km.
 
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