I finally finished wall-mounting my 40″ Samsung LCD TV in our bedroom. I also hid the wires behind the wall – luckily the room behind the wall was the walk-in closet. A couple holes later, I was able to fish the wires down.
I even added a new electrical outlet just behind the TV, which I connected to the outlet below on the wall. It was easier than I thought it would be. Luckily the outlet at the bottom of the base was the terminating circuit, so I just extended it above using a 14/2 electrical wire from Home Depot. I also purchased a rework electrical box with outlet and cover. Check the final product below.