How do you root the Samsung Galaxy Player? How can I root my Samsung Galaxy Player 5.0?
After enabling the USB Debugging option, SuperOneClick can be used to root both Samsung Galaxy Player 4.0 and 5.0 handsets.  Download the latest version from here, and the walkthrough is here.

In terms of updated OS versions, your best bet is custom ROMs that can be found on various forums like XDA-developers.