Nothing like drinking from a firehose eh?
The models are finicky, enigmatic creatures. A bit like women, only women are more predictable and usually make more sense.
It isn't really as simple as just looking at a couple maps and drawing a bullseye. Using the models is an ongoing process of changing and refining your forecast. It has more to do with timing, model cohesion, and run-to-run evolution than it does with what the current run says is going to happen. You also can get numerous bits of information from a single panel. For example, starting a week out or so, my usual method is reviewing the following panels, with what I'm looking for in paranthesis. I'm usually comparing the 4 most recent runs, and I'm looking at panels for 18 hours or so surrounding the potential event:
Surface Temperature (highs, gradient, frontal position & timing)
Wind - Surface to 300mb (jet stream position, wind direction, speed, convergence/divergence, etc)
Dew Point - All levels
Theta-e All levels
Bulk Shear all levels
Vorticity - All levels
Point soundings for potential chase areas
Being that all this is done with the GFS, making any specific calls on system intensity/timing is madness. This is just to give me an idea of what *potential* is there.
Once it's inside 84 hours, I start comparing the NAM and GFS to eachother, so I've roughly doubled the number of panels I'm reviewing. I also start including new panels:
Lifted Index
Helicity 1km & 3km
Precipitable Water
Once I'm inside 48 hours, I start looking at a couple others that are notoriously unreliable even inside that 48 hour window:
Cape
CIN
Simulated Composite Reflectivity
EHI
Storm Motion
Then, starting late the night before, I use the RUC in conjunction as well, so all three models, roughly the same panels, comparing and contrasting what they say. It isn't hard to learn, but it isn't something you just get a quick primer on and you're off and running. It takes some practice to learn where the weaknesses and strengths are for each model. It also isn't really a quick process to create a refined forecast. Each day closer to the event usually adds more time to what I spend looking at the models to draw up my plan. I'd say the night before, on the 00z runs, I probably spend close to 90 minutes reviewing everything and drawing a preliminary bullseye. What sucks is, when you wake up and the 12z RUC and NAM are out, your bullseye always changes and you get to do it all again.
As for reading soundings & hodographs, there are a dozen different websites that you can google for that will give you some great pointers. CoMet comes to mind, as do a few others. Personally, if I was just chasing solo and not trying to coordinate multiple people, I would never forecast beyond about 72 hours, and I'd rely mostly on the soundings. I'd say that particular skill is more important than reading the model panels themselves.
Every one here is going to say every one else is wrong in how they forecast. It's very much a subjective thing shaped by experience and intent.