Yes, it should be.
Last night I just unlocked a 3GS running 3.1.3, 05.12.01, Model MB717LL with bootloader 6.4 (reported by f0recast). I have seen differing discussions on the model as to it being an MC or MB in that the MC's may give problems. The model seems to be a bigger issue with the iPod touches than iPhones.
I jailbroke using Spirit and once this was completed (~30 seconds) went to Cydia and ran ultrasn0w to unlock. If you use the Spirit JB, make sure you are using an iTunes version prior to 9.2.
I order to provide a path back if all goes wrong, download tinyumbrella and back up locally your hashes (SHSH) code. This may allow you to restore back, although I have not tried this.
When I first ran the f0recast program before I JB it, it reported that it was only jailbreakable if the SHSH's were saved and that it was not unlockable. I am not sure where it draws its info from, or if it is updated when new exploits are released from the dev team.
The ongoing problem with all of this is the number of combinations of iPhone firmwares, basebands, bootloaders, versions of iTunes, versions of JB-UL's seem to be endless and if it is a 3G or 3GS plays a big deal.
This is a risky business JB'ng these things. I have used Spirit, Blackra1n, and sn0wbreeze and the Spirit seems to be the cleanest so far, but I don't have much mileage (kilometerage?) on this particular iPhone and will be selling it soon.
I think f0recast isn't as relevant to Spirit since Spirit is an untethered jailbreak while others such as redsn0w and blackra1n may not be for the new 3GS bootrom.
If you stay on 3.1.3 you should be fine. Probably shouldn't up to 4.0 cuz you probably have the new bootrom, judging by your serial number.
1) Pop the SIM that it came with in to activate the phone.
2) Download Spirit and use it to jailbreak the phone.
3) Go to Cydia and search "ultrasn0w" (that's a zero, not the letter O) then install it. Let it reboot.
4) If Ultrasn0w doesn't kick in within 5 minutes, reboot again. It should work then.
When you get the chance, download "TinyUmbrella" and back up your SHSH files. You can also do this by going into Cydia and clicking the "Make My Life Easier" button on the home page. Even though you'll probably only get to save the 4.0 SHSH files, it's good for future use. You won't be able to restore or downgrade your phone since you can't grab the 3.1.3 SHSH files. You'll lose your jailbreak and unlock and be forced to upgrade to 4.0.1 if anything wrong occurs. So be careful.
Anniex423, you were very clear on that, i just had to google to find out that i had to add the ultrasn0w url first before i could download untrasn0w, but perfect guide otherwise
thanks a lot
just wondering, my iphone is still 3.1.3, what if i want to upgrade ? is there one yet ?