There is a very informative sticky on top of this page that can answer alot of your questions, there is even a video to walk you through.
http://forum.ppcgeeks.com/showthread.php?t=123714
Make sure you do alot of reading and searching first to get familiar with all the different terms. Not sure if you were or are familiar with winmo and hacking but android is a different ballgame all together. It can be very intimidating at first but after a while you realize that it was easy as hell.