How do I jailbreak my iPod touch 2nd Gen OS 4.0.2 Model MC?

I want to jailbreak my iPod and it is a mc model. Can you please tell me about some video I should see or some guidelines and when I do jailbreak what are the possibilities? Can I download free full version games(.ipa type) using torrents without limitations by apple? And other softwares? And would I be able to download songs and other softwares directly to my iPod via wifi? Would I be able to transfer songs and other softwares from other devices like cellphones to my iPod via Bluetooth?