[Q] Noob Here :), How To Root Telus Xperia Ray?

Hi, I've had this phone for three months but after I heard about the ICS update which will be laggier, and because of the crazy amount of bloatware on this phone, I've decided that I want to root and get CM7.

I have a Telus ST18a Xperia Ray, Android 2.3.4, and build number 4.0.1.A.0.283.
Most of the guides I see are for 4.0.2.xxx, so I'm not sure what to do.

I know I'm not supposed to do stuff if I don't understand it, but that's how I usually learn, by making mistakes. I bricked my first iPod when I tried to jailbreak, but now I know what to do. However, with jailbreaking all you have to do is make a custom ipsw, and ifile is really easy to use to modify some games, and I have a feeling rooting is going to be more complicated.

Time to get back on topic, can anyone point to me a link that shows how to root this particular phone, and if not how to update to 4.0.2.xxxx build number?

And one last question, does Telus penalize you for rooting your phone? I think the warranty becomes void, but is that it?

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