Printer for etching

I'm very curious about the DIY etching process, but I'd like to know a bit more.  I'm very familiar with standard PCB's and their construction, so what I'm really wondering is what you do after you print out the circuit?  You either iron or press and peel (or both) onto a blank right?  What's the blank's construction like?  Is it a copper layer and a layer of fr-4?  What do you do after your iron on the traces?  Do you wash it in a solution to remove the exposed copper and leave behind the traces?