1) the old pope dies. (Check).
2) The old pope's chaimberlain, also known as the Camerlengo, verifies that the Pope has, indeed, kicked the bucket.
3) They bury the old guy in the hall of popes or whatever it is they call the graveyard where they bury popes.
4) They lock all the cardinals between the ages of something and 79 in St. Peter's Basilica. Nobody is allowed to leave once the room is sealed. And there's no electricity; only a fire.
5) The cardinals vote. Everyone present is eligible for Papacy except the master of ceremonies, which is usually an eligible Cardinal who's just barely eligible, on the too-old side.
6) Once they decide on a single candidate to be Pope, they send up a white puff of smoke. There is much rejoicing. (Yay.)
7) There's a giant ceremony, which mainly consists of "Tag. You're Pope."
EDIT: I know I'm going to hell for this, but for those who don't bother reading comments I'm posting the resulting icons here. Feel free to use them, but credit me in the keywords so St. Peter can give me a proper whipping when I finally kick the bucket.
Also, brought on by the influence of my brother itburnsitburns, in a Thai restaurant:
Repeat: Credit me please, if you plan to use these.