It's something Motorola Droid X owners have been teased with before. But this time around, it could turn out quite well. Although it remains unreleased as of now, it looks like Motorola Droid X owners may soon be getting a chance to load up CyanogenMod 7 on their devices courtesy of @cvpcs. No, the bootloader hasn't been unlocked but thanks to some handy work making use of 2nd.init CyanogenMod 7 will now run on top of the Motorola kernels in the Droid X.
As with anything of this nature, some bugs are still present but it's surely only a matter of time before they get worked out. Some of the things that may or may not work currently are: GPS, 3G/data, camera, camcorder and bluetooth audio while radio, WiFi, USB, charging, sensors, lights, vibration, standard bluetooth are listed as working. The next few days will provide some more details but until then, jump into the Android Central forums to discuss it some more.
Source: Android Central Forums