We rented
DVC points for the first time for a trip this Nov. (thanks to info we found on these boards).
First of all, you would only want to rent points to stay at a DVC resort. Those are the Boardwalk Villas, Villas at WL, and Old Key West. Points could be used for Animal Kingdom Lodge but this is not a DVC resort and the points it would require would make it more expensive than paying cash.
Once you decide on a resort you would like (lets assume you pick Boardwalk Villas) you need to find someone who has points available. One important note. DVC members have a home resort (BWV if they purchased ownership there, VWL if they bought there, OKW if they bought there). They can make reservations 11 mos in advance at their home resort, 7 mos in advance at all other DVC resorts. From what I've seen it can be a little difficult to get a BWV reservation at 7 mos. Therefore, if you want BWL you should try to find someone who's home resort is BWV and try to do it 11 mos in advance if possible. If you find someone with a different home resort, wait until 7 mos ahead and have them check availability at BWV before you buy. The 11 or 7 months would have to be 11 or 7 months ahead of the last night of your trip. We found someone on the DIS DVC Board. People also sell points on eBay.
Once we contacted the person about the points, she got back to us, we agreed on a price ($10 per point - pretty standard from what I've seen, but some charge more), gave her our dates, she told us the required points, she checked availability for our dates, made a reservation in our name, sent us the confirmation, and we sent her a check. All in all it was very simple. Assuming there are no surprises it worked very well. We got 6 nights at VWL for $830, or $138 a night which is a great rate.
I think I covered the basics. Hope the info is helpful. Let me know if you have any questions and I'll try to answer them. Good luck.