How do I restore my rooted Motorola Droid back to completely stock and unrooted?

This is a stab in the dark, that I read somewhere else:

Power + X

Volume up + Camera button

And in the menu select reset to factory defaults?

I'm assuming this is going to take you back to ver 2.0 without root, without any apps, contacts or anything else you've done to your phone.

Granted, I don't know this for sure but its typically how all devices work eyes his old ipod video I've reset that thing so many times with a 'restore' and it always removes any hacks I've done to it.

I'd be interested to find out how this works after the phone has been rooted.