Ok, I've done a very basic mod to the animation that has my User Name on it. I will post a video tonight. Heres the howto
How To:
Install winrar
Root your droid!
using the console or Root explorer goto the /system/media directory.
Copy bootanimation.zip to your SD Card.
Connect your droid to your computer with usb and mount the SD Card
Copy bootanimation.zip to your computer.
extract bootanimation.zip to a folder
Inside you will find 2 folders with all the individual PNG files in them.
With photoshop or paint modify the png files to add your custom graphics.
Highlight the two folders and the desc file.
Right click the highlighted files.
Select add to archive.
Select Zip
In the compression method drop down box select Store. (this is key if you dont do this it wont play the animation)
save the archive as bootanimation.zip
copy the new bootanimation.zip to your SD Card
Load terminal emulator and enter the following commands with an enter after each
***BEGIN TERMINAL COMMANDS***
su
mount -o remount,rw -t yaffs2 /dev/block/mtdblock3 /system
dd if=/sdcard/bootanimation.zip of=/system/media/bootanimation.zip
Reboot
***END TERMINAL COMMANDS***
Enjoy your new custom boot animation!!!