I'd like to do a live draft, but it's not a necessity. It's more fun that way, anyways.
stealth:
http://en.wikipedia.org/wiki/Fantasy_football_(American) - there are also all sorts of places to get info on the web. If you've got any specific questions, go ahead and ask.
Like I mentioned on cprog, I'm totally nerding out this year and compiling a bunch of last year's stats for some ease of scouting. I'll post it when I'm done.
Finally, the first regular season game is September 7th, so we can use that to plan our draft time.