Originally Posted by Braindrain

Yes and no. If you just root, then yes.

If you use Titanium backup (free version), you can make a backup of your apps and reinstall after you have a custom ROM. However, don't backup settings as that will tend to screw things up. Just backup your apps.

If it's your 1st time rooting an Android device, read the instructions over and over until you're 100% certain of what to do. While the chance of a full brick is low, the steps to get out of a semi-brick are even more complex. Having said that, it's not difficult. Just take your time.