A big hardy Thank You to Tapout 27 and hecantbreathe for their assistance when I got stuck.
Post #2 will be my successful steps on how a layman rooted their OTA Froyo Fascinate.
Post #3 will be my successful steps on how a layman updated his phone to the newest ROM (v1.3).
Post #4 will be my successful attempt at installing a Theme.
I am a lay person, and I will not be responsible if you 'brick' your phone while attempting to follow these steps.