A few easy steps:
1) I rank the players based on end of year stat projections. I usually seek out the sites I am confident my competitors won't be using.
2) I place the players into tiers, usually in increments of 16 fantasy points for grouping purposes. Personally, I think in terms of tiers mostly and not rank. For example, a difference of 2 fantasy points in your projections shouldn't sway your decision if you like the lower ranked player better for your own personal reasons.
3) Rankings by position then get converted into an overall ranking.
4) I go out to AntSports.Com and collect Average Draft Position (ADP) information so that I have a relative idea on what rounds players are going.
5) Develop my going-in strategy before the draft.
6) I then use rankings, ADP and cheatsheets to be intelligent about my draft, but don't forget my gut by passing by players I just have a "feeling" about even if it goes against your cheatsheet's proverbial wisdom.