I suggest you read the sticky threads at the top of the
DVC rent trade board for starters. You might also want to read the frequently asked questions on this DVC planning board, and the DVC board as well to familiaris yourself with the DVC product.
In general, DVC is a timeshare offered by Disney at 5 on-site and 2 off-site resort locations. The resorts units consist of 1,2, and 3 bedroom villas as well as lock-off studio units. The studios are going to be much like a WDW deluxe hotel room with the addition of a mini kitchen and in some cases, a queen bed and a bull out sofa instead of two queen beds.
When you rent points, you are renting from a DVC owner. You will be unable to make your own reservations, but the owner will be able to make them and your request for you once you have contracted with him/her and have made partial payment. Every owner handles rentals a bit differently, but most will require a depost when the reservation is made, and payment in full some time after that, but usually significantly before the date of travel. DVC stays are point based, so most will charge a per point fee for rental. There will be no further costs (no tax etc.), but there is a lot of trust that must exist between owner and renter, and the trust goes both ways. The owner will always have full control of the reservation, so be sure you meet the owner's requirements for payment etc. Because points can sometimes not be restored past a certain deadline, your payments might be non-refundable after that date. Most owners are renting points from $10-$12 a point, and
point charts can be found at the top of this page.
The DVC resorts are Old Key West, Boardwalk Villas, Villas Wilderness Lodge, Beach CLub Villas, and Saratoga Springs Resort and Spa. THe names reflect the Disney theming at each. OKW is themed after Key West of the early 20th century. BWV is themed after the coastal boardwalks, BCV (self explanatory), VWL after the Pacific Northwest lodges and SSR after the resort area of Saratoga Springs NY.
Check out the informatin on these DVC boards and ask questions. There are quite a few rental questions over here on the DVC planning board.