What if I do have the latest software update?
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you can follow this link, it will take you to post #140 :
http://forums.androidcentral.com/ve...150-offering-root-service-14.html#post1497859
there you will see UpStreamMiami's post with the link that will take you to the previous build (the one before the OTA, Over-The-Air update).
You can click the link and you will see where you can download the file. Just follow their instructions, such as renaming the file, and where to put it (the root of your sd card, not in any folder).
This will wipe all your data. you can use MyBackUp to back up all your apps, calendars, sms, mms etc, though it will not backup your apps data - not until you are rooted.
once you do the above, you will then run revolutionary. Watch This:
How to Root - HTC Thunderbolt (No Data Wipe! Newest & Fastest) - YouTube
He does a good job explaining the steps to take to gain root.
After you've gained root, you can then load custom roms. If you want to load custom roms, you will need to wipe all 3, cache partition, dalvik cache and factory reset in recovery (looks like Dos in cyan).
hope that helps some.
EDIT: you will want to load a custom rom, since this will help avoid any attempt of an OTA ruining your root. E.G. once rooted with revolutionary, you will be on .5 still, and verizon will automatically send out an OTA to go up to .9 - DO NOT!! DO NOT upgrade with the OTA! put your phone on airplane mode or turn off the radio with LTE on/off app. good luck to you.