Any Android phone can be given root access.
Just a warning, once you root your LG L5.
DO NOT delete system apps or play around with things too much.
LG has a stupid security feature which will prevent your phone from booting up.
As far as I know there is no recovery feature for this phone soo...You can't really flash roms when your phone won't boot.
About the WiFi hack, yes it's possible. All depending on which device you have & what hardware your phone has- capable of receiving packets bla bla bla.