We have been homeschooling for 8 years; DD was in the 4th grade and DS was in 1st. My daughter will graduate in June 2012.
I encourage you to examine the reasons why you are considering this choice. Religious? Academic? Health? Social? We started when my son had a challenging year due to health - a chronic disease diagnosis and two surgeries, one of which required 6 weeks in double leg casts. DD was behind in math, so I just decided to pull the kids out for a year. We never went back.
After you've determined why, begin searching for a curriculum to help you get through the first year. Once you become more confident, you will be able to choose which curriculums fit your child's needs. We use a variety of resources - home guided, independent studies, online courses, co-ops, and private tutoring. Due to budget cuts, DD was not able to take advantage of community college opportunities, but it looks like things are changing on that frontier.
Homeschooling isn't for everyone, and there are some who shouldn't be doing it. In the end, my goal is to give my children the tools to be able to become whatever they wish. It has been hard work and it is non-stop. My husband has been my greatest supporter. I disagree with those who say they can finish coursework in 3 or 4 hours a day. In the elementary years, this is possible but in high school, it takes closer to 8 (or more). DD took physics, advanced chemistry, honors world literature, calculus, art, Am. gov./econ., and computers this year. She wants to be a science major of some sort, so we were able to design her course of study to her strengths and interests. I'm not sure yet, but it looks like DS will go into some sort of computer programming (he is already doing this and seems to enjoy it). Over the summer, I will need to research and create a path for him.
There are some who are encouraging and others who constantly question so you need to be ready for that. The most common comment I receive is, "Homeschooling? I could never do that! My child is too social. And what about the prom?" My kids play sports, are active in the local community theatre and church, participate in a co-op, band, music lessons, and DD has a job which requires a high level of communication skills. We have traveled throughout Europe and the US, so they have experienced different cultures. I would argue that because we homeschool, they are more socially well-rounded than their traditionally schooled friends. DD is going to the prom, DS doesn't want to go. Not surprising, huh?
The college application process has been challenging, but we've been successful. Although DD didn't get into her reach schools, she got in everywhere else she applied. With the exception of two, all were large public universities. I wish I had more guidance here. For my son, I will contact local guidance counselors and meet with them for assistance.
So, yes, you can do this, but make sure you're doing it for the right reasons. It takes discipline, confidence, and perseverance. Research and find a local co-op or support group with common interests and goals. Then, participate and network -learn from others. Find out when your state has their homeschool convention and go. I liked the Well Trained Mind book and their forums have been helpful. Cathy Duffy has a helpful book on curriculum choices. I also like Hewitt Homeschooling. Check your state's graduation requirements. Have your child tested annually to make sure growth is occurring (we use the ITBS).
Best wishes in whatever you decide!