Hey guys... It's more complicated than rooting an android, but the best step by step I have seen so far is this one by Drogonide. It is a post within the [DFT] HSPL for HTC WP7 Second Generation
Here you go --->
I haven't done it yet because I have a Macbook, and it's a no go without windows. It says Titan, but a couple Radar users also confirm the steps to work for them. Other than this, you're going to have to research. That goes double if you have to use a Y-cable and goldcard
That's pretty much all I know so far, so I hope it helps. Hard bein a n00b!