Okay, here's been my experience with making ebooks free on Amazon. Yes, you have to wait for your KDP Select contract to expire. Then go to Kboards (register if you haven't already). Then specifically to this link:
http://www.kboards.com/index.php/topic,78571.0.html
This is the "make it free" link. See, making the book free on Amazon with just a couple of people requesting it may take forever, if it happens at all. On the Make It Free link you expedite the process because all kinds of people are requesting that it would be free.
First you have to make your book free somewhere. (And word is the bigger the outlet ie. like B&N or iBookstore the better.) Then on the Make It Free link you post:
It's free at: (the link where it's free)
Then post the Amazon link.
Then the people on the Make It Free link page will request your book be free and you should return the favor requesting that several of theirs be made free as well.
Some little things I noticed back when I was doing it. B&N does not allow free postings. So what I did was make the book free at Smashwords and then have Smashwords distribute it to B&N. (B&N will accept it being free from Smashwords.) Also if you don't have a Macintosh computer you can't submit to iBookstore, but you can go through Draft2Digital to get into the iBookstore. (Draft2Digital takes a cut of the profit but since it's free it's a cut of nothing.
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It took about three days for my book to go free on Amazon. Results vary but it seemed like everybody on Make It Free got their book free within a week or two.