@avi
Download the firmware from here -
iPod, iPhone and iPad Firmware Download
Save it somewhere accessible.
Then put your iPhone into DFU mode by
1) Pressing Home and Power buttons together for 15 seconds
2) When the screen goes blank, release only the Power button and keep holding the Home button.
You should now have your iPhone in DFU mode.
Next, connect it to your computer and let iTunes detect it. It'll advise you to restore it. Click on OK.
Next, press Shift and then click on Restore. This will open up the window where you select the firmware. Navigate to where you stored the downloaded firmware and select it. Then wait for iTunes to complete the restore plus update.
After all that, you should have your phone on 4.3.3 and you can jailbreak it with the app of your choice.
Few tips to help you -
~ That restore plus update cycle may take multiple attempts. This is normal with iDevices. You might succeed in the first attempt, or maybe in the 10th.
~ If iTunes keeps giving you error 1601, 1602, 1604 then you may want to try restoring and updating on a different computer.
~ If an attempt to restore fails, then unplug the iPhone, close iTunes. Reconnect iPhone and manually execute iTunes. iTunes will again detect your iPhone in recovery mode.
You won't get such a nice guide anywhere else on the net.

All the best and post here if you need any more assistance.