Original iPhone Version 1 (2g). Can it be reset to factory?

I just bought a 2007 original iPhone. In quite good condition, and a decent battery it seems. It's stuck on the "connect to iTunes graphic", is there any hope to get this back to factory settings? I will only be needing this iPhone to work via wifi, at the most. I really just want to see the original factory icons etc., rather than its current useless state.
Purchased only to add to my collection, as a novelty piece.

via ehMac.ca http://ift.tt/1MdYWyc