All of the usual warnings do apply here. It is entirely possible that you could render your phone unusable via this process. DO NOT ATTEMPT if you're uncomfortable in doing so.
Also, rooting your phone WILL void any warranty agreements that you have, even if your phone gets wet or breaks for reasons completely unrelated to the rooting. By all accounts that I've heard, they WILL. DENY. YOUR. CLAIM.
So, now that we have all of that intimidating scary stuff out of the way, let's get down to brass tacks.
This is as close to 1-click as it gets, folks.

First, Download and install Windows HBOOT drivers (if you're running windows - Mac users need not download).

Download Unrevoked3 (read: not unrevoked forever)

Then....

Originally Posted by lifehacker

Download the HBOOT Drivers, and extract them somewhere you'll remember. Turn off your phone, then reboot into the HBOOT menu by holding the volume down button and then holding power. You should boot into a white screen. Plug your phone into your computer via USB, and wait for your phone to say HBOOT USB PLUG.

When it does, head to Start and search for Device Manager. Start it up and head to "Other Devices", where you'll see an "Android 1.0" device. Right click on it and hit Update Driver Software. Click "Browse my computer for driver software" and navigate to the folder you extracted earlier. Hit next and let it install. If you get any warnings, just hit OK. When you're done, and you should see the Device Manager now lists an Android Phone with "Android Bootloader Interface" under it.

Next, make sure your phone is in USB Debugging mode. Head to Settings > Applications > Development and check the USB Debugging box at the top.

Now, start up the Unrevoked tool and plug in your phone (again, make sure to hit "charge only"). It should do everything for you automatically. Make sure you wait until Unrevoked says "Done" before unplugging your phone. If you open up your app drawer and see an app called "Superuser Permissions", you're done and can continue to flash custom ROMs, use root only apps, and more

-via

Have any problems? Troubles? Just post below and we'll get it sorted out!

And once you have everything done and taken care, of CLICK HERE to check out our top Evo 4G tips (customization, performance, etc.)

Wow, thanks man, excellent information, I will put this to good use.

Will i lose all my pics and aps on my phone when I root. I mainly want to root to get free tether, nothing else. I just have alot pictures and emails for work.

Thanks Jive,

Yeah all i really care is really my work data that's on my phone. PDF file and crap like that.
So pretty much all the info Beestinga put on for rooting is up to date. I noticed other people on the forums were complaining about unRevoked3 not working.

Just rooted my HTC EVO Wow this was so easy. Can any one tell me how can i tether using 4G speeds ??

Thanks a lot. I was searching for a way to root mine, since i used to have a Droid 1, and it isn't the same steps.


Thanks!

Make sure you install the HBOOT DRIVERS first
then unrevoked will work flawlessly