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You can start by reading this Small FAQ about FAST [webmasterworld.com]
And then go through some of the threads in this forum. That should give you a good idea of how FAST works. Remember to use the Site Search on top of the page. It can dig out a lot of good stuff as well.
Take a look at this new thread [webmasterworld.com] where Robert has found some new interesting this in the algo.
I hope that it will confuse you too much though ;)
Do come back in here with your questions once you get a grip on it.
For a good start to Fast I'd concentrate on titles and quality links, namely ODP.
I see sites ranking high only with these two factors.
Top positions can be earned by other factors as well. High density, which used to be an important factor seems to be toned down.
Linktext seems to have gained extra weight.