http://www.guitartricks.com/forum/showthread.php?t=16999
http://www.guitartricks.com/forum/showthread.php?t=16903
You don't HAVE to know it........but why wouldn't you want to? The more you know, the better off you'll be.
There are lots of musicians who KNOW theory and are great.
There a lots of musicians who DON'T know theory and are great.