Yes it's possible to Root your Nook ! ( for your Device it's Easy )
If you want following features list you should root your Nook:
-better & faster launcher
- Better PDF support (zoom & landscape functions )
-Picture viewer (NookSee)
-Better Library
- Full screen & Landscape function for Epub (fullscreen = without android top bar & ... )
- ability to install nookdevs.com/Application_Directory apps !
- use custom fonts
- ...
You can use both ways :
http://nookdevs.com/Rooting_1.5_on_any_hardware
or
http://nookdevs.com/Softroot
any more question ?