ROOT: What is it and what does it mean to you. A great thread on this can be seen at the link provided directly below. I suggest you read it all the way through.
Thanks to the Unrevoked team rooting this device is incredibly easy. Rooting tool can be found here
unrevoked <---This is for Incredible only.
If on Windows you will have to install the Hboot drivers that came with the tool
The Hboot drivers can be found here with instrustions
Also another side note if you have HTC sync installed on your pc it is best to uninstall it. Seems to not play nice with the tool.
Now all you have to do is run the tool.
Open the .exe, it will ask you to plug in phone and enable usb debugging. Usb debugging can be enabled by going to the settings menu>applications>development>USB deugging.
Once the tool has completed you should now be rooted, with Koush’s Clockwork recovery and sitting on a screen that is black with green typing on it. Next step would be to back up everything you have now. Scroll down to nandroid with either the vol+,- key or the optical trackball. Then click the optical ball on backup. Clockwork will then back up your phone so you will always have a known working ROM on your SD card. This would be useful if you load a custom ROM that fails to boot up or just plain does not work the way you like.
Updating the recovery .img
If you have s-off which is discussed below, you can now flash the newest recovery via the Rom manager app by koush. If you don't have s-off then the only way to upgrade the recovery is through the unrevoked tool. Chose the recovery for your device from the link below. Open the tool, click on the file tab and chose custom recovery. Then navigate to where you dl'd that file from and select it. Then plug in phone and enable USB debugging. The program will go through the same process as it did when you rooted.
My Brain Hurts: ROM Manager and Clockwork Recovery Image
Make sure you choose the Incredible.
Unlocked Bootloader/S-off/Nand Unlocked/Holy grail
This is full unlock. I'll the developers explain it as they do it best. Read the whole thing through before beginning. READ THE WHOLE THING THROUGH. Understand what is you are doing. As it is right now this is irreversible, but they are working on s-on.
Disclaimer: I am not responsible if you brick or hurt you phone in this process. If your phone tries to kill you, this again is not my fault. If your alarm doesn't go off and you miss work and get fired , again not my fault.