Not much of a writer and may not be perfectly accurate, but I'll do my best.
**************************RIDE SPOILER************************
You enter the queue area through a set of iron gates. The outside queue is divided into two sections, one for fass pass and the other for standby. The queue winds through the overgrown grounds of the hotel. From Sunset Boulevard you'll be able see the elevators and hear the screams as the doors open before the big drops from the top of the tower.
The queue leads you into the reception area of the Hollywood Tower Hotel. It's really cool. It looks like it was simply abandoned in the thirties. Lots of dead flowers and dust ala Haunted Mansion. From the reception area you will be admitted to a library room. (On your way into the library check the message board behind the podium, make sure you look into the bottom of the case!)
Once in the library the doors will close behind you. Look around. These rooms are full of interesting and slightly spooky stuff. Up high in one corner is an old fashioned TV. A short time after you enter the lights will go off (there may be thunder and lightning here, I'm not sure) and the TV will flicker to life and there's Rod Sterling to introduce the ride. He gives the story behind the Hollywood Hotel and introduces you to a few characters you'll be seeing later. Old Twilight Zone clips are edited in with new scenes and voice overs in a remarkably effective way. It really feels like Rod is ushering you into the Twilight Zone!
At the end of Rod's spiel a hidden door will slide back and you will enter the final queue area. This is in the boiler room of the hotel. Lots of pipes and funky old mechanical stuff. This is not a long queue.
Once you're at the front of the line a CM dressed as a bell hop will seat you in one of the elevators. Some of the CMs are very good and really help to set a campy creepy sort of mood. The elevator cars hold around 25 people in three tiers of seats with individual seatbelts (no restraining bar). When everyone is seated the CM will wish you a nice stay and send you on your way. If you choose not to ride, just let the CM know and they'll send you out in a nice modern elevator unaffected by any mischevious spirits!
The ride begins with another voice-over intro (I think it's the Rod impersonator, not sure here). You're looking down a long corridor with a window at the end. The characters from the library pre-show will spookily beckon you to join them. The window at the end of the corridor will slowly float before you before it shatters and you are once again in darkness.
Your "elevator" will now move through the hotel. It's very dark but you can make out ghostly figures of the pre-show characters as well as a few other wierd things that DS has said are references to old episodes of the Twilight Zone.
Now the real fun starts. You "elevator" will come to a sudden stop. It's pretty dark now. Suddenly the Hollywood Hotel will begin to have it's way with you. The ride is randomized so each drop sequence is different but you'll probably shoot up and drop at least 4 or 5 times. At the height of the tower doors will open and you'll be able to see out over the park. The drops are definately of the "stomach in your throat" variety. When your ride is over you'll come to a stop in a room full of Twilight Zone memorabilia Doors will open and you will be greeted by another bell hop CM and sent into the "basement" of the hotel. Here you can look at and purchase a ride photo of you and everyone else in your car screaming their heads off. You exit through a gift shop filled with TOT merchandise.
DD, DS, and I love this ride. DH is very susceptible to motion sickness and can't ride this without feeling sick. I get ill on things like the tea cups but am never bothered by TOT.
Try it! You'll have a blast. It's my favorite ride at WDW!
...I always do manage to see the view outside though 
