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Root New to rooting =/ help?

So I have the droid incredible 2 obviously and I have been thinking about rooting my phone for a while now. I do have 2.3.4 so I know I'll have to downgrade. I'm planning on using the video from youtube that was posted on the thread, on this forum. I do, however, am confused on somethings,.
Terms like flashing? Radio? Tethering?
How would i go about backing up all my stock stuff on my phone so that if i wanna go back i dont have to get into a huge mess of uninstalling and installing? Do i back up my stuff before i root or after? and what other things are necessary or you should do before rooting to make sure that if you ever wanna go back or something gets messed up i can just restore ? I noticed a lot of people had problems downgrading from 2.3.4 to 2.3.3 =/ If i do follow all the instructions there should be no problems correct?. I just really dont wanna mess up my phone =/.
 
Don't worry about radios or tethering. Flashing is the word for putting the new software on your phone. You have to root and install a custom recovery before you can backup your stock setup.
 
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