I found one iphone on the street The iPhone is locked with security code I tried to restore it from itunes but it says that the phone is locked How can i open it Restore it or bypass the password?

You can restore it using iTunes. You have to get the phone into restore mode first. Open up itunes on your computer. Plug the usb plug into the computer but dont plug in the iphone. With your iphone powered OFF, hold down the home button and plug the iphone up at the same time. It should put the phone into recovery mode. The phone will say "plug into itunes". Then itunes should recognize the phone in recovery mode and ask if you want to restore. If it doesn't work the first time keep trying holding down the home button and plugging to the computer.

You should try and find the owner of the phone or turn it in to the cell phone company so they can return the phone to the rightful owner.