I haven't tried socks yet, but it's on my list of things to do.
I did learn how to do magic loop and used it for baby booties, pantlegs, and even the top of a baby hat, so I know it will do the job. It's easy once you get the hang of it, and it's really nice to only need one circular needle.
There's a video on circular needles right on this site.
Go to: http://www.knittinghelp.com/videos/advanced-techniques
and then it's on the list of circular techniques. There's both two needles and magic loop.
Here's a pattern for socks on two circular needles: http://www.knitty.com/ISSUEwinter02/...ightlaced.html
And here's a link to do two at once Magic Loop socks.
(The link to download the pattern is at the bottom of the page, so you have to scroll down to it.)
I got this book from the library - http://www.knitpicks.com/2-at-a-time+Socks_BD31045.html
and it has a really good tutorial and the patterns looked easy to follow. Of course the book is due back before I get a chance to try it out, but it had a lot of pictures and detailed directions and I was able to learn a lot just by reading the tutorial.