Intro
If you choose wood lap siding, it's well worth the extra money to get preprimed siding; otherwise paint the backs and edges of the boards before installing them.
Opinions vary regarding how to fasten clapboards to a wall. Some installers maintain that it's fine to drive nails into the sheathing only, as long as it's solid plywood or OSB (oriented strand board). However, driving nails into studs is a surer connection.
Face-nailing leaves exposed nailheads. Another method is to blind-nail, driving nails near the top of the board, where they'll be covered by the next board.
Some installers don't bother with the strips of felt, but these strips add extra protection from moisture infiltration and provide breathing room for condensation that can form behind the siding.
Checklist
Time
Working with a helper, about a day to install 600 square feet
Tools
Hammer or nail gun, miter saw or circular saw, jigsaw, tape measure, chalkline, drill, flat pry bar, level, caulking gun, utility knife, T-bevel, square, tin snips, staple gun, ladders and/or scaffolding
Skills
Measuring, laying out a job, driving nails, cutting with a power saw
Prep
Cover the sheathing with building wrap and install trim boards and flashings as needed.
Materials
Wood lap siding, board for story pole, felt strips, staples, board and flashing for water table, stainless-steel or galvanized siding nails, caulk, primer or sealer