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Yea. Rooting is easy. There is TONS of info on XDA. So much so it can be overwhelming at first.
If you would like to start tinkering with custom roms, I suggest getting Titanium Backup, ROM Manager and Root Explorer from the market. All are must have apps.
Titanium Backup is great because you can one-click batch backup and restore all your apps and settings. It's great if you are going to be flashing a lot.
As for some suggestions. I would suggest trying Darky's Extreme Edition v9.3 for a REALLY fast rom, and either Voodoo 5.4.1 or DamianGTO Ultimate Kernel RC2 for your kernel.
If you flash Darky's, it installs Voodoo by default.
As for flashing? Painless. Download the CWM version of the rom, put it on your INTERNAL SD card, reboot to Clockwork Recovery, choose "Wipe/Factory Reset", then choose "install from zip" when it's done wiping, pick the rom zip..............and done!