My friend is having some trouble with their MyTouch 4g. She said it's laggy and loses service some times. If worse comes to worse, this might just be a chance to put a custom ROM on it, even if it's just for kicks.

I've never done a root before. Can anyone suggest a method as well as which ROM to try and work with? As well as a possible back up method to fall back on? Link would also be appreciated.