Repair Needed, Missing Baseband, NO WIFI - I got it fixed
Here's what happened:
It was an unlocked 1.02 iphone that someone updated to 1.1.1. I did a jailbreak using jailbreakme.com and put in anysim 1.1 to unlock it but I got incorrect sim. So i downgraded to 1.02 and downgraded the baseband then run virginizer. After that, baseband was missing. I rebooted the phone and then there was no more wifi and baseband is still gone.
Here's how I fixed it:
Put it in DFU mode then Shift + Restore to 1.1.1. I watched the restore process carefully and unplugged it during the second time "Restoring iphone firmware " showed up. Now the phone won't turn on anymore but I can still put it on DFU mode using the 10/10 method. Then Repeat the process but this time let it finish. After this, I got the itunes logo only so I used ibrickr to boot the phone which worked. Now I get repair needed.
From here I just put it in DFU mode again then Shift + Restore to 1.02. I was surprised that the downgrade went in smoothly and my phone booted afterwards. So I checked the phone using *3001#12345#* and there it was! 03.14 firware!
I hope this helps out.