This looks good for starters:......
[Q] HELP! ZTE Racer Root! - xda-developers
But there aren't any EPROMS for it yet at the moment.... so try creating your own rom here:
All I ever wanted in life is to be able to cook an Android ROM -Part One- AndroidSPIN | Your No.1 source for Everything Android.
However.... you need linux installed so get a crackin...
Ubuntu homepage | Ubuntu
and here's virtual box: ( for interests sake)
Good luck buddy!
And may the force be with you dude!