THANKS TO drkalo, sc2k and mrjay from XDA. Everything I know about rooting this tablet I learnt from your posts, all credit to you!!! THANK YOU!!!
I have made a video tutorial on how to Root and Install ClockWorkRecovery Mod on Acer Iconia A500/A501 running Stock Honeycomb 3.2/3.2.1
Please take a look at it if you are planning to do it.
Hope I helped someone
Tutorial: Root Your Acer Iconia A500/A501 from Honeycomb 3.2/3.2.1 + ClockWorkRecovery - Cursed4Eva - YouTube
Have a nice day