Best way to learn is by doing.

Yup, you'll need to remove the "bottom bracket".

See Park Tools website for free help: http://www.parktool.com/blog/repair-...et-service-bbt

They'll even help you find the correct bottom bracket tool: http://www.parktool.com/blog/repair-...tool-selection

Here is a typical cost for the tool: http://www.pricepoint.com/detail/165...p=325%20PARB27