Paypal is really easy.
You need an email address, a house address and a bank account or credit card.
You need to register and chose a password, make sure your password is different from that of your email provider.
Then you just fill in the details on the form and that's it! It works like a intermediate account so that if you want to pay something no one see your account details, they just see your email address.
it's useful fro buying stuff on ebay as well.