That's not CWM... that's your stock Recovery. Install ROM Manager from the Play Store and select "Flash ClockWorkMod Recovery" and it should install 5.0.8 or whatever the latest version is. This will replace your stock recovery software with CWM and enable you to flash ROMs. But I suppose you can't do that since you wiped everything. Your bootloader should have some sort of option to restore to the stock ROM. Once you do that you can install ROM Manager, etc.
No, this is not anywhere near the equivenet to jailbreaking, jailbreak just allows root acess to files, using a custom ROM, REPLACES the system files with new ones, so you can upgrade and downgrade your Android version (think of it as an iOS version so like 1,2,3,4,5 and 6) without having to restore back to a stock ROM.
I did that... like three times. Now I do remember last time I rooted, I had to select something different than the phone I was actually using, because my phone wasn't on the list or something (this was about a year ago)... But Samsung Vibrant is right there. EDIT: I just realized... CWM Recovery isn't flashing. It'll say that it was downloaded successfully, but isn't it supposed to automatically reboot the phone to flash the custom recovery?
Well, I was explaining that this is completel different to jailbreaking, because this replaces your system, and Jailbreak allows root acess to system.
When I use ROM manager and click on "Wipe Data Factory Reset", it makes me type a password. Don't know what's up. I can't restart or get the device out of the password prompt. Edit: I got out, nevermind I'm good. Edit 2: Umm, I get something called "E:Signature not verified" and then aborts the installation process. Edit 3: Nevermind, just had to flash the Entropy512's Kernel onto my device. Thanks for the tutorial!