I can help you out here.
I have a Droid X and have rooted it, flashed a ROM, overclocked, and a few other things.
First, there are a bunch of websites to help you along.
For guides:
http://roooler.com/
For questions, help, ROMs, community:
http://www.droidxforums.com/forum/forum.php
What you are looking to do is get Z4Root for your X, put it on your SD Card, and then use it to root the phone (
http://roooler.com/rooting-droid-x/).
From there, you can do pretty much whatever you want- remove the bloatware (assuming you got it through Verizon. Well, I'm sure other companies put a ton of shit on it, too), get ROMs, etc on it.
I'm pretty sure you don't need a ROM to get the wifi-hotspot, but you'll have to find a program for it. (Shouldn't be hard if you haven't found one yet. I use Barnacles Wifi Tethering. Has worked every time.)
If you want to do ROMs and overclocking, I suggest Liberty for the ROM (now on Liberty 2.0.1) and Quickclock Advanced for overclocking.
Good luck and have fun. (Oh and don't freak out if you think you've bricked your phone.. it's nearly impossible to brick a Droid X with all the info available. Though, if you do screw it up, it'll be a few hours of headaches to fix it.)