New to the site

I just joined and I am looking for direction and advice. I am a Droid fan of a couple years now. I carried an Eris until about a week ago. Now my daugher has the Eris and I have a Droid X. Yes, daddy gets the new phone. lol Anyways, I am seeing more and more about "Rooting" and I want to find out more about it. What's it do, what's it for. What are the benefits will my phone carrier (Verizon) get ticked off and cancel me? lol Anyways, hope to get to know you guys in the near future. Later, Ben