You can learn a little bit about it here. The truth is, you're going to hear a lot of advice from people about getting backlinks and having a high PageRank. For the most part, ignore it.
The best thing you can do is to concentrate on making a site that is worth visiting, not just once, but multiple times. There are a lot of factors involved in order to do that, including having good content or a useful service, a usable website in terms of design, and an accessible website that is viewable in all browsers.
If you can do those things first, you'll have a huge leap on probably 75% of the internet. After that, you can begin concentrating on specific SEO techniques. However, you'll have already done a lot of the prep work for SEO by creating a good site. If people like your site, they'll link to it themselves without you having to spam a whole bunch of sites just to get backlinks.
Getting on the first page of Google is good and it can definitely help you get traffic, but your focus should really be on what you want that traffic to do when they get there. Are you selling something? Then sales should be your main goal, not traffic or a spot on a search engine. Are you getting money from ads as your source of income? Then increasing your click-through-rate should be top priority. SEO is merely a means to an end. A lot of people forget that.
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