I was at The Price is Right once. Make sure you're bright, perky and full of energy. Friendly.
You'll be herded into a line and given a number. I forget how many people are allowed in, but it every well could be that not everyone with a number will get in. We got to the studio what we thought was fairly early - about 6 am - and were close to the end of those that got in.
You'll be given your nametag, you have to fill out an authorization (make sure you have your ID with you) and then you wait. A long time.
Before you're herded in to the studio itself you're paraded in front of the producer and one or two other people in groups of 3-5 and asked one or two quick questions. And I mean quick - after all they have a lot of people to question. You have to be on your toes and alert. I was there with my mother and was paying more attention to what she was saying than to do the producer, so didn't even realize that he had moved on to questioning me. At this point they're looking for people who are personable, that the audience will like, and that are with-it enough to know when it's their turn

. After all can't have you standing in contestant's row not knowing when it's your turn!
The show itself pretty much takes exactly an hour to tape. They change sets during commercial breaks. They could probably do it live if they had to, they're so smooth with the set transitions.