Rooting Noob

Hey all i'm new to all this and just got myself a new wildfire, neat little phone really like but want to make it better. Just wondering how well does the phone work being rooted and does it affect my phone service at all, i believe it doesnt but u guys tell me. And also which is the best way to go to root my phone and the advantages. do i need a good sd card? I just want to be clear in everything before i do anything.

Thanx in advance!