I've been wanting to get into worm composting for a few years but never got around to it. Now that I've moved into the city in a bid to embrace the greener life, I'm going to take a crack at using worms to turn my food scraps into sweet, sweet delicious compost.
There are a few companies selling ready-to-use worm composting systems, the best I've personally seen is The Worm Bin by Red Worms for a Green Earth. It has stacked trays that are easy to rotate and a liquids tank at the bottom that you can easily drain out the spigot. It's reasonably priced at $90, and 2 lbs. of worms run another $25 when you buy the bin.
If you don't want to drop that much money on your bins, you can easily construct your own using plastic bins that you can probably find around your garage or basement. Using just a drill you can construct a nice home for the little wiggling compost machines. I found a video on the 'tubes that shows you how. They're no audio, so I'd suggest playing the video that's right below it (Benny Hill theme song) at the same time. That song makes everything more fun.
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