CM9 Alpha custom Rom is now available for both version (Virgin Mobile VM696 and Sprint LS696) of the LG Optimus Elite. To install this you must be rooted and running CWM.
You can get the CWM and links to superuser here: http://www.lg-phones.org/clockworkmod-recovery-for-lg-optimus-elite.html
This CM9 alpha version comes in the form of a flashable update.zip, and installation is pretty standard. Following the steps now:
Caution: This is highly experimental, it will void your warranty, it may brick your phone. Do at your own risk.
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