ClockWorkMod is a Custom Recovery which lets you Flash Custom ROM, Kernels etc.

Note: This is temporary. Every time you need CWM, you have to flash it again. (For your convinience, keep it in the SD)

Instructions:

1. Enable USB Debugging by going to Menu -> Settings -> Applications -> Development - Enable USB Debugging.
2. Download the CWM.zip file from HERE
3. Place that file on the root directory of your SD card.
3. Switch off your phone.
4. Then boot into recovery mode, (hold Volume up button + Home button + Power button).
5. Select "apply update from SD card ", find the zip file you copied to your SD card earlier.
6. Once done, it will give you the option to reboot your phone, reboot and you're done!

You got CWM installed, you can now flash custom ROMs.

ROOT/UNROOT

Rooting is a process by which you can get root access or administrator privileges to your Android phone and can flash tweaks, custom ROMs, custom kernels, install additional applications which requires root, use firewall etc.

Root will void your phone’s warranty but it doesn’t matter you can get it back! with UNROOT.

01. Download needed file from HERE.
02. Copy ZIP file (root.zip) directly  to your  SD-card.
03. Switch off your phone & boot into recovery mode.
04. Switch ON your device in the recovery Mode (Hold Volume Up, Home Key, Power Button, together).
*Note: You will find your phone in recovery mode with blue colored UI. You cannot use touchscreen while
your phone is in recovery mode.
For making selections and movements, you have to make use of volume up/down keys and make the selection by
pressing home key.
05. Select update from SD Card option.
06. You will see that the list of files will come from which you will have to select the file which is named as
root.zip. Press YES.
07. Wait a few minutes.
08. When it shows Installed from SD Card complete written.
09.  Select reboot system now.
10. Your phone will restart & first boot may take 5 minutes. (Mine took a few seconds!)
11. And Your Galaxy Y S5360 is now rooted!
12. You now have SUPERUSER Installed! , it will simply mean that you have rooted your phone!
13. Check for an application Superuser and open it.
14. Go to Menu > Preferences > SU Binaries> Update binaries.
15. SU Binaries will update. (You need active data connection or Wi-Fi)
16. When it get updated, restart your phone.

You’re done! Your phone is now rooted.
Warning: Do not delete Superuser or you will lose your root!

UNROOT Your Galaxy Y

download unroot.zip from HERE.
Same Procedure.  Just choose in step "06" unroot.zip instead root.zip and flash.