Rooting
When you root you gain superuser permission's over your Razr. This means you can now alter/edit system files. You can flash theme's or mod's, Use a backup such as titanium backup, browse system files, Take screenshots & a whole lot more.
You are now in control of your device! Well, mostly 
Keeping Root
When there are OTA (Over the Air) updates from Verizon, you will normally lose root. That is if you can even get the OTA to install. Most times if you have removed bloat, or altered system files the OTA update will not take. Here are your options.
1) You can wipe your device then install the update. After that you can try to root. One warning is that the new update may NOT be rootable (yet). Sometimes on updates things are moved around and the old root method will not work anymore.
2) You can wait just a bit for the update to appear on DroidRzr.com. Out Dev's will break down the OTA update and make it where you can flash it and keep root or explain how to. They just need time to test and figure out. Sometimes it might take a day. Sometimes it might take a Week
3) Another note is something called "Forever Root". This has been popping up lately and you are supposed to be able to keep root through and OTA update. I have even seen an app that will backup your current root, let you install the update, then restore root. As far as what works and what doesn't just pay attention to the thread and see what users are saying about it.
4) Also another one is OTA ROOTKeeper. Found on the Android market.
..
Un-Rooting
When you un-root your Razr you remove the superuser from it. If your sending the device back to Carrier or having other issues with Razr this might come in handy
Here is a paid method from the market you can use to unroot.
Returning to Stock Just like you got it from Carrier
If there is a problem with your Razr or want to go back to how you first got it you can use this method. Sometimes when theme's, mod's or rom's are flashed they might not be compatible so the device "boot loops". That means that the boot animation just repeats over and over and the device never starts up. If you are selling the device, sending back to carrier this would be good to do.
[Return to Stock]
*It is called unbricking because if you mess up the file system on your device it will play boot animation over and over again and never boot up (Boot Loop). So its referred to as a brick because its nothing more than a paper weight at the moment.
Using a Bootstrap
This device has a locked bootloader, which means it cannot be fully controlled. There is a workaround though, a bootstrap. This method has been used since the DroidX and basically lets the user boot into Clockwork Recovery but only from a command initiated while device is running. That is its limitation. It still serves a very valuable purpose but cannot access it from a device that won't boot.
Using bootstrap to access Clockwork Recovery (CWR) will allow you to do many things. You can create a Nandroid Backup, Flash a ROM, MOD or Theme, wipe data/cache and many other valuable tools.
Using a Safe Strap
This method is used to allow your device to "Dual-Boot".
It is a Bootstrap / Recovery for locked bootloader phones. The goal is to avoid touching your primary system (I'll call this 1st system) and only flash or make large changes to another place on your phone that Safestrap treats as a "2nd system" (in this case it's the /preinstall partition).
So with this method you are able to test whatever you like on the "2nd System" and when you are done you can go back to your original setup. You won't lose your app data or configuration once you return to your 1st system.
One note is that you DO NOT use Safestrap and Bootstrap together. If you are using one the other should be uninstalled. Safestrap is ONLY used to boot into different file systems NOT to change themes and add mods.
What's the Status of Ice Cream Sandwich?
As of January 31st we are still at the Pre Alpha stage. This means that ICS has been booted on Razr and somewhat functions. Since ICS i not made for Razr yet the Dev's have to get in there and try to figure it out. Motorola has stated Razr owner's would get their update sometime early next year, but who knows how long that will really take. Hopefully our Dev's won't run into any major road blocks and we can get this up and running within the next month!
Update: As of 01/31/12 we have a almost complete alpha version from dhacker. Only Camera, Gtalk are left to be fixed 
Getting very close
ADB (Android Debug Bridge)
ADB is used by your PC/Mac/Linux to communicate with your Razr via USB connection. It lets you control your Droid Razr with a command prompt to access & manipulate system files. You can modify files, pull, push, rename, etc...
Current CDMA [Verizon] Razr Builds
6.11.744
6.11.748 [First OTA Update]
6.12.173 [Cheesecake leak]
Current GSM Razr Builds
651.73.23
651.73.25
651.73.30
