i have a jailbroken iphone 4 version 4.2.1 from ATT but i dont have service...

Depending on the hack used at the time, it will either restore its carrier lock, and only work on an AT&T network, or it will not restore/relock. If you are under contract with at&T, you could simply resume use of it with a new SIM, of you could simply use it as a really expensive iPod Touch.
 
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