I knew nothing about android, other than the fact that I wanted one, two weeks ago when I purchased my phone from Wal-Mart. I have learned a lot about the phone since then. All thanks to the people on this forum and at XDA. Thank you everyone. I thought I should share my experience with others. The phone that Wal-mart offers is the p504 which is pretty hard to find information about. It helps to know that, as far as I can tell, this is a p500. All the information and guides for the p500 work on the p504. (I gave them a try, they work. Only way I found out.)
Alright, here's the story. After a few weeks being the geek I am I wasn't happy with a phone that isn't rooted. Not being able to find information about the p504 exactly I resolved to trying the root guides on the p500 forum. They worked very well, and for a time I was happy. Give it another couple of days, and of course now I want a custom ROM. Unknown to me the evil ROM manager had already screwed me over. Only after installing ROM Tool Box and getting the polite message about my phone being hijacked by ROM manager and doing research did I understand the problem.
Since ROM manager was not allowing me to install any custom ROMs I decided the best thing to do would be to replace CWM with another recovery image. Sadly this bricked the phone. I was stuck with the LG logo screen. The search for unbricking guides began, and last for a good 12 hours. I tried EVERYTHING .(I'll compile a list later if anyone is interested.) Sadly nothing worked. None of the tools out there are able to communicate with the device.
I decided that I have found everything I can about my situation, so I passed on posting and asking for help and instead attempted to exchange the phone at Wal-mart. If you have everything that came with it (box it came in, receipt) and it's been less than 15 days this is no problem. It's been 20 days for me, and I threw away the box on day one. -.- Now I'm starting to worry. Last resort was to call Family Mobile support and talk to someone. They were very helpful! Took the rep about 3 minutes to determine the phone was getting fixed, and had to be replaced. My warranty is still good, so I am getting a new phone in three days at no cost to myself. (not even shipping.) Very happy with that!
So, in summary. If you have a p504 and want to root it. Go for it! Follow the p500 guides. AVOID ROM MANAGER! You shouldn't have any problems. I'll likely be trying out some custom ROMs when my new phones gets here. If anyone is interested I can post my results then.
Thank you everyone who has helped others with their LG Optimus One. I have likely read your post, and they have all been very helpful.