Hello and Welcome to Windows7forums.com!
You got it!

Just DL from Microsoft (released on May 5th to the general public), burn to a DVD (I use Nero for all my burning needs but you can use the program of your choosing), insert into optical drive, than boot off the disk and do clean install (as in format your HDD or just the partition you wish to install Windows 7 to if you have multiple partitions)..
As far as preparing for the installation... You should make sure you have all your personal files backed up.. JUST IN CASE..

You should also download any important drivers you know your going to need PRIOR to the installation in case Windows 7 doesn't automatically install/find them, by important drivers I mean things like...