Thanks guys, that does help a little. However I have yet to find answers to these specific questions:
1) What exactly does/can a theme do? Is it just visual upgrades like color, fancy widgets and page flip animations or does it add little bits of function like the scrollable dock bar at the bottom?
2) Root allows SuperUser access to my phone. All fine and good, but what apps, settings, ect. can I adjust/use that I couldn't before? What ones should I not touch? I know you guys that develop this stuff think this knowledge is common, but for a new user like myself it is kind of a hunt and peck through google to find out the different levels of functionality I now have on my phone.
3) I have seen themes and launchers, what is the difference? Do they effect the ROM in the same way?
I think that is it for now. Thanks alot for the information!
BTW I did read the sticky at the top before I started, but it was nice to read again now that I understand a little more about the process.