Rolling back prices is what Wal-Mart does best, but will the super retailer roll back prices for Apple’s iPhone as part of its Operation Main Street promise to cut costs for Christmas?

Holiday shopping for hot items at a bargain price took on a new form this week as rumors flew on the Web about a 4GB iPhone to be available at Wal-Mart for $99. That phone was initially to be rolled out at a $399 price tag.

The tip about the 4GB iPhone and rumors of Wal-Mart shoppers being trained in activating iPhones was posted on the Boy Genius Report. The site also featured photos of a training manual with the Wal-Mart name and logo on the manual.