Its great that you have interest in Loom Knitting. Not many of the people around us want to do that anymore. When I started to knit myself, I followed up with various websites and got to learn about looming. This link is the best I found for basics:
http://www.bevscountrycottage.com/how-to-loom-knit.html
http://www.bevscountrycottage.com/how-to-loom-knit.html