Does Unlocked Iphone means I dont have to extend my contract?

I have At&t, and I was planning on buying an unlocked Iphone 2G, and i would like to continue to use it on my existing At&t plan without renewing the contract.
I also would like to purchase the Iphone data plan, so does that mean I have to renew the contract even if it is unlocked?

you will not get any sick updates. which trust me they do come. Just Stick to ATT

JAILBREAK iPhone 3G, 3GS and iPod Touch 2G using latest pwngeTool v4.01

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