Mate, I'd find a course to go to. It would be a hell of a lot better than having someone briefly explain it to you.
We watched the DVD together, stopped at various points to discuss each part. Again, being in the same room with other parents was good for the sanity

We did it and modified it too, but like I said on FB you need to be RIGIDLY consistent. If the cheeky monkey counts back (hey she can count!) to you etc etc etc, even though it does your head it, try NOT to react, keep your voice even and keep at it.

DS has lots of trouble with his hair trigger temper. Timeout sucked a bit, until I worked out 2-3 minutes wasn't going to do a thing. Sometimes I sat at the door with him for timeout (yep, worked), but as he got to about 4 I found putting him in his room for at least 20 mins worked like a charm - he needed alot longer to settle down and find something else to distract himself. He usually comes out rather charming and feeling heaps better.

It's ok to modify it a bit. DD was one of those 'perfect', timeouters. Plop her in her room and she would stay there and come out a new, happy kid. I thought it worked like that for ALL kids. What a rude shock I got!