Help me about Sony Ericsson Live with Walkman?

Hello friends,
I'm new to this forum and also to Android phones just have a rough idea about it. Now I've just bought a new SE LWW and upgraded to Android 4.0.4 from 2.3.4 using Sony PC Companion. But when I opened bluetooth tab for the first and tried to change the Device name I was unable because I was not able to see any tab of "Change Device Name" (I've turned ON Bluetooth), so anyone can please explain me how can I change Bluetooth Device name?

And also What are the benefits of Rooting? Should I root my phone (I've fear of Bricking)? If yes how should I root my SE LWW Android-4.0.4? Also can I unroot my phone back? How? Also please give every detail in brief! Hope so the members will help me to the extent.

Thanks,
Charizard.

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