I would look under the pot to see if the roots are coming out of the drain holes. If they are, grab hold of the trunk and pull the entire plant out of the pot to see if they are root bound. If they are, then you know its time to repot. I have 2 that are about 2.5 feet tall with 8-10" trunks that are 3" thick at the base, and their pots are no where near 12x12. They grew like crazy last summer. If you do repot, it might be a good idea to mix in some dried up leaves for compost and fertilization. I did that when I first potted mine, and I think that's why they grew so nicely.

Second try at uploading on this site from photobucket,hopefully it worked this time. If it worked, please let me know. The pics are of the palms that I had mentioned that had new ones in the same pot and I wanted to know if I can remove them. The one did actually have one that I was able to remove and did have a significant amount of roots,and very carefully with patience I got them untwined, the other one I could not because the 2 new ones were growing right from the trunk and did not have roots. Now, I wonder what kind of palm it actually is. I am inclined to believe now that it is a mediterean Fan Palm or European Palm. please anyone let me know if the pics worked. thanks

Thanks to you both for your suggestions! Waiting for cooler weather is good suggestion (one that would make both the palm and me happier), but I have someone available to help this coming weekend, and I hate to lose the assistance! Either way, I'll be sure to get as much root ball as possible. Any idea, roughly, how large that might be on a palm this size?

What wetsuiter said. Even if some fronds may not look the best but are still mostly green, they are probably still doing their jobs and providing the plant with much needed energy from photosynthesis. Leaves, while they are pretty/ nice to look at, are an extremely important organ for any tree/ plant. Leaves also perform sevreal important functions on plants such as respiration and transpiration. If you ever get the chance to study plants / trees and all of their organs that help to make them function you will be amazed at the complexity. The palm you got from walmart, ericthehurdler got it right. Parlour Palm. The scientific name or botanic name is Chamaedorea Elegans. Those are a fantastic family of palms. Chamaedorea Elegans are in fact a SOLITARY palm. The reason they come how you got them, with many plants all clumped together is because growers often just germinate 10-20 or so seeds in a pot, and poof, you have a 'plant'. But, what you in fact have in that pot, is probably 10-20 small individual palms. It is up to you if you wish to separate them out. Often in the past what I have done is separated out the 1-3 largest ones and left the others to grow more. Also another thing that can, and does happen is that some of them may eventually die off. Personally, I find a single one of these palms in a pot by itself more appealing, espeically when they get older. I have a few, and one of them I got from a pot similar to yours. It was the largest, but still a young plant with no trunk. It now has about 7 to 10 leaves, has shed about 6 leaves, and has about 4 inches of clear trunk on it and is taking on the classic palm tree appearance. Mine is about 4 years old now, (the amount of time I have had it) but it is probably more like 6 years old in total. They grow fairly SLOW. They are probably one of, if not THE easiest palms to take care of. Virtually bullet proof. Very hard to over / underwater them, though I would err on the side of underwatering them because they can handle that easily, and also do not need tons of light. You can successfully grow one of these in a north facing window that gets hardly any direct sun with no problem. In fact, since they are an understory palm that grows only several feet or so high on the forest floor, they prefer mainly indirect or very filtered light, and NOT direct sunlight. Direct sunlight can burn the leaves. I have had one burn on me with just one day's exposure to full sun. Also, this palm, and all the other palms in its genus (Chamaedorea) are mainly jungle palms, so many prefer the lower light conditions, somewhat elevated humidity, and fairly warm temps. Definitely NOT cold hardy. That said, there are some that can HANDLE some abuse, and the palm that you have gotten is one of those palms. Anyway Best of luck with both of your palms!