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EGOL has pretty much summed it up! I know when I first came here, I was a little overwhelmed as well.  What I found worked best for me was to just keep reading.  It's amazing how much stuff goes into your brain and stays there!  LOL! But I'll emphasize again that the SEOmoz Beginner's Guide that EGOL mentioned is really really good. One other thing that I'll add is: "Don't be afraid to make mistakes".   I get guilty of not wanting to implement anything for fear of it not being perfect.  But really, anything can be modified.  So, start implementing stuff on your website and see what works.  And if you're not sure then ask a question in here.