1. Throw on a good rub. I prefer plowboys yardbird. I also like Dizzy Pig Dizzy Dust. If you don't want to buy a rub, you can find plenty of butt rub recipes online.
2. Smoke anywhere between 225-250 degrees until internal temp of 160
3. Smoke ring is formed in the first three hours, so once it gets to 160 (usually about four hours) you can wrap it to get it through what's called "the stall." That's where the meat plateaus. If you don't wrap it could take who knows how long to get up to your internal goal temp of 200-205 degrees. I've had unwrapped butts get to temp from anywhere from 8 hours, to 16 hours. It's very unpredictable--every butt is different. However, when I wrap mine they pretty much all get done in 8-9 hours. That's why I wrap, I usually have a time I want it done by. Don't wrap until 160 degrees. You need that connective tissue to break down. Getting it up to temp too quickly won't do the trick. You also don't wrap until then because you want the bark to set.
4. Again, goal of internal temp of 200-205. Above that and it can start to be stringy and mushy when you pull it. Below that and it won't pull, you'll have to chop it. Buy an instant read thermometer, or a probe thermometer that you can leave in. Thermoworks is my favorite instant.
5. After it reaches temp, get it out of the smoker and let it rest for 30-60 minutes.
6. Separate the muscles, hide the "money muscle" for yourself (it's the cone shaped muscle running along the bone). It's the best part. Remove the fat from the meat. Keep the juice in the foil and pour over the shredded pork (I use a fat separator strainer thingy).
7. If you want, throw some sauce on. I prefer Blues Hog blue sauce cut with their carolina red sauce (3:1 mixture).

Also, www.virtualweberbullet.com is a great resource for rubs, sauces, cooking tips, etc. even if you don't run a WSM.