Download [ROM] GingerDX port for Galaxy Y
From what I see, this is a ported Galaxy Ace ROM which is being further developed for the Galaxy Y by yash989 from xda-developers forums. He claims the bug that this ROM has are pretty much the same as CM7.
Minimal number of apps are installed.
ZIP-aligned, App2SD, ...
As smooth as doixanh's CM6 Froyo ROMs in 2D (menu scrolling/flinging...)
AChep's ICSandwich Theme included.
WEP AdHoc support
ClockworkMod recovery 22.214.171.124
CallMeLouder: Louder ringer when the phone is inside a bag or pocket.
Improved Flipping down mutes ringer
Flipping down snoozes alarm
Disable LED notification in night
Back button ends call
Built-in Transparent Status Bar support (multiple options)
Hide avatar in SMS
Quick Copy / Quick Paste
View.measure() method caching for improved 2D performance
Custom carrier text
Built-in loop ringtone support without OGG editing
Optimized ("smoothened") scrolling/flinging
Center clock on status bar option
Status bar battery indicator
BatteryBar in statusbar
Configuration section (with localization for many languages)
EduRoam WiFi compatible!
ICSified Settings by djnilse
Flash either white or hells fusion kernel
Download the ROM to your SD card
Boot into Recovery mode, then flash CWM Recovery
Go to mounts and storage and mount /system then choose format /system
Go back, wipe cache and data
Choose to install zip from sdcard
Locate and choose the GingerDX zip file, choose Yes when asked
Wait a few minutes for the installation to be complete and for the phone to completely boot up
You may only see a status bar now, turn your phone off
Flash the update zip file in Recovery mode and reboot
Official thread for support: