This can easily be done from the phone or using iTunes.
Remember: this removes EVERYTHING from your phone and resets it back to factory parameters.
If youre sure you wish to proceed with this, follow the simple steps below.
If you just want to reset a frozen rig, hold Volume Down and Power for 15 seconds.
That should reboot it.
During this time, the equipment is completely inoperable.
Once finished, your phone will be like new.
This process involves a few more steps, but its still fairly simple.
you could unhook the phone from the computer and use it now!