Hi there Shoeb,
Well I too am a noob in Android!
IMHO, by Rooting your device, it means that your are getting access privileges for the Root folder (similar to the System folder on Windows) on Android! Rooting gives you administrator rights! (If my understanding is right!!)
By default, this has been disabled on Android, so that noobs like you and me don't mess up the system files!
If you have experience playing around Linux distros (ubuntu), you will find that even in these OSes the Root access is disabled by default!!
So rooting your Android device gives you the power to access critical system files and modify and edit them!!
PS: I am not cent percent sure about this!! Wait for some Android Gurus to give you the detailed explanation!!
PEACE
