First Step - How To Root My Device Samsung Galaxy Fascinate SCH-i500

Downloads these files to PC, 

Samsung drivers- Download
Odin (computer program)- Download 
CWMALL 2.5 - Download
"su-2.3.6.1.x.zip" file (place this file on the root of your sdcard)- Download

Modified stock Froyo kernel (place this file somewhere on your computer where you can easily locate it). This file is only necessary if you're rooting Froyo. It's not necessary for Gingerbread- http://goo.gl/QCYxT

Instructions:

1. Install Samsung drivers on your computer.

2. Open Odin on your computer. (You may need to disable antivirus programs on your computer and/or phone for this to work properly.)

3. Power off your phone and remove the battery.


4. Plug the stock USB cord that came with your phone into a powered USB port on your computer (usually on the back of the computer).


5. Press and hold the "volume down" button on your phone, and continue to hold it while plugging the USB cord into your phone. This will put your phone into download mode. You'll see a large yellow triangle on the screen of your phone. (Let go of the volume button at this point.) You will also see one of the small boxes in Odin turn yellow, as well as "Added" appearing in the message box.


6. Click the PDA button in Odin (NOT the PHONE button) and navigate to the "CWM2.5_Voodoo.tar.md5" file you downloaded earlier. This file does not include a voodoo kernel and will not perform the voodoo lagfix conversion. It's only named as such to note that it is compatible with voodoo kernels.(make sure auto reboot is unchecked, although it should be by default)


7. Click START. When this process has finished, you'll be notified in Odin (succeeded 1 / failed 0) and your phone's screen will go blank.


*** Step 8 is only for rooting Froyo. If you're rooting Gingerbread, skip Step 8 and proceed to 
Step 9. ***


8. Unplug your phone and click RESET in Odin. Repeat Step 5 to get the phone back into download mode and recognized by Odin. Using the PDA button, navigate to the "stock_kernel.tar.md5" file you downloaded earlier, select it, and press START. You'll again be notified in Odin once this process has completed (succeeded 1 / failed 0).


9. Unplug your phone and re-insert the battery.


10. Press and hold BOTH volume buttons. While holding them, press the power button. Hold all three simultaneously until you see "SAMSUNG" appear TWICE. This will boot your phone into CWM 2.5 red recovery. If your phone boots up normally here and not into recovery, just wait for it to boot up and then power it down and try again. It may take a couple tries for you to get it right.


11. Using the volume rocker, navigate down to "Install zip from sdcard." Highlight it and press the power button to select.


12. Navigate to "choose zip from sdcard" and select with the power button.


13. Navigate to the "su-2.3.6.1.x.zip" file that you downloaded earlier and select it. Scroll to "Yes," and use power button to select.


14. When you're advised of completion, press the MENU softkey to go back to the previous CWM Recovery screen, then highlight and select "reboot system now."


Source: Via XDA-Developers Thanks Him in Original Post.