Softroot for android phone never was a problem, i don't see why it would be the the nook.
There are some law that makes stripping off drm illegal in some county. As far as I know, softroot is illegal nowhere.
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It's the same sort of thing as jailbreaking an iPhone.
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I'm not sure rooting do allows "hacking" apps. You can install external apps without rooting. (Well, not sure about the nook there, but for most android phones...)