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The Iowa caucus is an electoral event in which Iowa residents elect delegates to the county convention to which their precinct belongs. There are 99 counties in Iowa and thus 99 conventions. These county conventions then select delegates for both Iowa's Congressional District Convention and the State Convention, which eventually choose the delegates for the National Convention. The Iowa caucus is noteworthy for the amount of media attention it receives during U.S. presidential election years: Since 1972, the Iowa caucus has been the first major electoral event of the nominating process for President of the United States. It has served as an early indication of which candidates for President might win the nomination of their political party at that party's national convention.

The 2008 Iowa caucus takes place January 3.
http://en.wikipedia.org/wiki/Iowa_caucus