Set the shell prompt and themes in Linux /UNIX Terminal

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KDE
Linux
Gentoo
Software
Slack
SUSE
BSD
Ubuntu
HowTos

Most of us work with a shell prompt. By default most Linux distro displays hostname and current working directory as a prompt. You can easily customize your prompt to display information important to you. You change look and feel by adding colors. In this small howto I will explain howto setup:

a] Howto customizing a bash shell to get a good looking prompt
b] Configure the appearance of the terminal.
c] Apply themes using bashish
d] Howto pimp out your shell prompt

How do I set the shell prompt in Linux Terminal?