Step One: Draw the head. I usually do this by first drawing a circle, then deciding where the base of the eyes should go.
See the 'crosshairs'? You can move these to change the direction a person is looking.
Extend a line from the center of the chin. this will be the center for the neck.
Step Two: lengthen the neck line until it is of proper lenght fot the torso. I normally eye ball it, but for aruments sake, its about 2 - 2 and 1/2 heads in length.
Next, draw horizontal lines for the shoulders and the hips. These should be about 1 and 1/2 heads width.
Connect the hips and shoulders with lines to make it appear like an hour glass, this will give you the characters general waistline.
Step Three: The picture makes it look more complicated than it is.
Draw lines, like you were making a stick figure, for the legs and arms. Every place there is a joint on the limbs (hips, shoulders, elbows, knees, wrists, ankles) draw a small circle. Every place the arm or leg gets wider and tapers, put an oblique oval.
Add two circles for the breasts, keep in mind the bigger the circles, the larger her boobs will be in the finished product.
Add Circles for hands and the heels/balls of the feet.
Step Four: Here is where all this tedious crap comes together. Just follow the outlines you made for yourself with the geometry project, and add in all the curves.
Step Five: Don't Forget the hands!!!! (I almost did ^^;;;;;)