Although this topic already has a fair bit of coverage on the web, I'm going to throw in my two cents. Some sites are confusing and I'm here to help.
Here's the rough outline, but in subsequent posts I'll expand on each of the listed items, and no doubt climb up on my soapbox now and again, too.
Why keep worms, you ask? To reduce your household's organic waste stream and make your very own *outstanding* soil amendment. Also, you can keep worms in an apartment, it's easy to do, it's pretty inexpensive as hobbies go, kids love it, and you get that vaguely superior feeling that comes from posessing totally esoteric knowledge (well, I do anyway...).
--A covered, well drained container
--Worms (there are about 1,000 worms per pound)
In about 6 months, you'll have fertilizer that you can feed your own houseplants and vegetables, or give to a greatful gardener or community garden. Worm poop always makes a great gift for the posessors of green thumbs in your life.