You have to do a lot of things.....
1. Save up a lot of money. This money will be used to buy much needed materials. Including but not limited to:
a video capture card (for capturing footage on VHS and/or exporting to VHS),
computer DVD-Rom drive (for ripping footage from DVDs),
Professional Video Editing Programs (Adobe Premiere/After Effects, Final Cut Pro 3),
and Source Footage (Anime on VHS and/or DVD).
2. Read through all the guides on <a href="http://www.animemusicvideos.org/legacy/guide.htm">a-m-v.org</a>. <a href="http://www.doom9.net">Doom9.net</a> has some good information about backing up DVDs onto your hard drive. You can also check out <a href="http://www.evilnet.net/~turboneko/amvfaq/amvfaq.html">Turboneko's and Hitori's Unofficial AMV FAQ</a> for some unofficial information on AMVs.
3. Approaching your video.
Making the song fit the anime/Making the anime fit the song?
(This is basically answering the question: Is the glass half empty or half full?)
Everyone approaches their videos differently. Whatever feels right to you, go with it.
The storyboard is very useful. This is what most people do to give life to their thoughts on how they want the video to run. Very few actually go through the process of making an actual storyboard. This really does help out much better than keeping it in your head as remembering and drawing it out could be totally different. The choice is yours. Map out what you think is good and what effects would work. Storyboarding is actually pretty fun!! ^_^
4. Getting your sources and beyond. Basically this is where you get your sources and put them on you computer. If you have read the guides and the supplimental guides, you should be able to get the sources you need. After acquiring the sources, you will use your video editing program(Adobe Premiere, Final Cut Pro, etc) to create you video. You will have no free time when you get into the video creating part. Unless you know time management. After finishing the video you would export it in a format from one of the guides or do some experimenting (yes, experimenting is both good and bad and again the choice is yours). And again, if you have read the guides, you should have no problems. But if you do, post a message in the video help forum and someone will get to you as soon as they can. They you should think about adding the video to the a-m-v.org catalog. Do some review swaps and maybe enter it into some contests. If there are any questions, please post them in the more suitable forum for the question at hand.
5. Have fun!!!! ^_^ Talk to some people about problems and just get the job done. Be original!!