Hey Kroaler
Good for you for thinking about this! Composting food waste is super easy, reduces your garbage, keeps it way less smelly, and returns those nutrients in the food to the ground.
You can either buy a bin, or make your own. I got mine for $15 from the local cooperative extension. It looks like this:
https://encrypted-tbn1.gstatic.com/images?q=tbn:ANd9GcTfbltEj7coBpFrOKAWUgJrL3PKob0PlhsCjBn7kmRU0vuRMNwi You might try calling your extension to see if they have a deal on one. Bins can be just a container that sits directly on the ground, in which case it "cooks" (breaks down) faster if you stir it once in a while with a stick or metal rod. Or they can be the fancy tumbling type, where the barrel sits above the ground and you turn it with a crank handle. That kind costs more, but the compost breaks down faster.
If you want to make your own container for next to nothing, you can build a simple three- or four-sided structure out of almost anything -- scrap wood, hardware cloth, etc. and just throw the scraps in. Like this:
https://encrypted-tbn2.gstatic.com/images?q=tbn:ANd9GcQR3NTUG_BFkQPNvzVJlfXqFFz445T-h8aHNCsIFDR1SOSxfchnoA Depending on where you live, having an open bin like that may draw nighttime critters like possums and raccoons. If you prefer a covered bin, you can take an old plastic garbage can and cut the bottom off and set it directly on the ground so the worms can get at it from underneath. You'll need to punch holes in the sides of the barrel for air to circulate through. The main downside of the homemade garbage can method is that it lacks the nifty sliding door at the bottom where you can take out the finished product easily.
As for what to compost, here is a guide:
http://eartheasy.com/grow_compost.html. As a general rule of thumb, don't compost animal byproducts like meat and bones. It will attract unwanted critters. You want to get a mix of "green" things (nitrogen containing) and "brown" things (carbon). Examples of green things are kitchen scraps like coffee grounds and vegetable ends/peelings, and grass clippings. Brown things are leaves, straw, paper products like newspaper, shredded cardboard, napkins and paper towels. Egg shells are great for compost. You can throw dryer lint and pet hair in too.
If you have too much nitrogen ("green") in the compost it will stink and get slimy. If you have too much carbon ("brown") it will not "cook". You'll figure it out -- it's pretty forgiving. Keep a container in your kitchen for scraps, and when it gets full dump it in the outside bin. You can buy a fancy stainless steel or ceramic container for your countertop, or use an old ice cream bucket with a lid. You'll want a lid to prevent fruit flies coming. Your compost will cook quicker if you chop up the scraps a bit rather than throwing in huge whole items.
When the compost is done cooking it looks like potting soil and you can spread it on your lawn, garden, or any type of plant. They love it.
Have fun! Feel free to PM me if you have any questions.
T