I used it back in my AOL days, not 4.0 I don't guess though. It's basically a program to write HTML for you, isn't that right? You can add frames, etc. without writing the code. At least that's what I remember.
Phreaking is pretty much dead, ask anyone around here. No one's in the scene anymore, the best thing you can do is read up on new .txt's and learn as much as you can, find a new exploit and bring it back