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Religions of the World I: Buddhism

Theravada
The path of self-liberation

Actually, there are (or have been) several sects of the Southern School but Theravada is the major variation and has come to be the name used to refer to the entire school.

Theravada focus is on study of scriptures. The Pali Cannon (Tripitaka) is the primary source used. This was the teachings of Buddha originally collected by the "Elders", the early followers of Buddhism.

Meditation is the primary focus of Theravadin practice. This is variously called "mindfulness meditation" or Vipassana ("Insight Meditation"). Mindfulness meditation involves being always in a meditative state even while doing otherwise mundane activities (e.g., eating, walking). Be in continuous observation of experiences of the moment without attaching to the experiences, without thinking about them, without controlling them. There are only experiences. There is no self which experiences, no self which does the experiencing. When you feel something, take note and move on to the next feeling. When you think something, take note and move on the next thought. Do not be the thinker, do not be the experiencer, be the observer. 
For an in depth look at Buddhist meditation visit: Insight Meditation Online. This site contains lots of useful information on meditation theory, practice and centers. It also offers a self guided on-line meditation "class". Tricycle.com also offers some guides to Buddhist meditation techniques.

Monastic life is important in Theravada Buddhism. It is felt that liberation can only be attained by someone who has taken monastic vows and follows monastic practice. Unlike Hindu renunciants and Jain ascetics, Buddhist monks (taking the "middle way") do not withdraw from society but remain an intimate part of it, serving a special function in relation to the lay Buddhists in the larger society.

Lay Buddhists are thus in a mutual relationship with Monks exchanging spiritual nourishment for physical. Monks serve as spiritual guides and teachers and are, in return, given food by lay Buddhists. Monks making daily rounds with their "begging bowls" is a typical sight in Buddhist lands. In feeding the monks, the laity receives merit. Lay Buddhists may also take temporary monastic vows, spending up to a few months each year in a monastery.

Monastic and lay Buddhism are two very different things. While monks seek wisdom through meditation, lay Buddhism is more devotional, showing reverence to statues and relics of the Buddha short of actually worshipping and praying to the Buddha. Visits are made to stupas, sacred memorial sites containing relics of the Buddha and other important Buddhist teachers. Lay Buddhists may also seek out Monks to chant blessings on their behalf. This aspect of Buddhist practice draws much from the indigenous folk traditions of the lands Buddhism entered, adapting the traditions to Buddhism.