The materials we used were:
2 18 gallon plastic bins (dark in color because you don't want light getting through)
enough torn up cardboard to cover the bottom on the bin
about a gallon of basic potting soil
100 red worms, found in the composting section of the local feed store
enough newspaper torn into shreds to make a thick (3 inch-ish) layer
We drilled holes in both bins on the bottom, upper sides, and ONE of the lids. Then you place the undamaged lid on the floor to act as a barrier in case anything seaps out. Luckily, this has not happened to us. Then you put one of your bins down and layer the cardboard, then the soil and worms (mix and make sure soil is moist), and finally the newspaper. We feed our worms once a week by pulling back the paper shreds and digging a hole to bury the plant matter we have collected during the week. Since I save a lot of scraps for making vegetable stock, we are able to keep this all in a large plastic salad container. It's important to cover everything with soil to avoid mold.