Like rooting in android devices and jail breaking in i OS devices.Is there anything similar to these in windows phones.If so how to do it and what is it called?
You can dev unlock your phone. This can be done for free at http://apps.windowsstore.com you can make apps with a wizard and unlock one phone.
If you need to unlock more phones or want to publish apps, paying $19 at http://dev.windowsphone.com will unlock three phones at a time.
But what does this unlocking get you? First of all you can side load any app, even if it hasn't come through the store.
Secondly, certain app restrictions are only enforced when a developer submits an app to the store. You can side load apps that contain code that would be denied entry to the store. These often contain extra features one might want.