Welcome bigboidomo!
1. Rooting is to gain full write access to your phones system directories.
2. The best way to root is to install a custom ROM.
3. You should perform a Nandroid backup before installing a custom ROM which will allow you to roll back to your original ROM should you need to.
Take a look though this forum for much more info, read read and read some more so you are fully comfortable with what you are going to do with your phone before you do it.
All Things Root (Sprint Hero) - Android Forums