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First you need to make that picture into a .rle image. Don't ask me how to do that lol. I haven't had a chance to learn it yet. But once you figured that out just replace it in the main folder once you open root explorer it will be named "init" replace that. And rename the old one to init.old just invade it doesn't work. and give it the right permissions.
I wonder if it has another name?? Also. I think I might be able to change the charging logo when the phone is turned off 
I change em out in the boot.img when I have it unpacked by replacing the initlogo.rle n then repack the boot.img and then flash it. I've never replaced it on the phone.

I change em out in the boot.img when I have it unpacked by replacing the initlogo.rle n then repack the boot.img and then flash it. I've never replaced it on the phone.

That method worked successfully. I unpacked boot.img with dsixda kitchen and changed the initlogo with the alienware pic you posted

The thing ill do is make a flash able image for the second boot splash so you can have it and if someone can get me a bunch 320x480 images to convert would be nice. As I have the optimus m and can try it first so I know it works.

I can do boot image if you want just let me know what rom your using