Step1
Detail of a Matthew Bates painting
The first step in learning Italian is to decide that you want to learn Italian, I mean this, if you do not throw yourself 100% into this project, you will not learn enough, and you will quickly lose interest. This process took me about 7 months.
Step2
Botticelli e Filippini - an original oil painting by Matthew Bates
Buy an Italian Dictionary, and a book on Italian verbs. I think that the verbs are the most difficult part and need to be studied the hardest, other vocabulary words, nouns and such will come to you naturally in time, verbs most likely will not.
Step3
Sunset & Silhoette - an original oil painting by Matthew Bates
Go to Italy! If you can afford to spend some time in Italy, even a couple of weeks, then I suggest that you go right away. To learn this language properly, you should immerse yourself in the culture, eat the wonderful food, smell the city streets, and feel the warmth that is Italy. Firenze is a good place to start, it is very American friendly.
Step4
Mercato di San Lorenzo - an original oil painting by Matthew Bates
Watch Italian TV, most cable networks offer RAI International, it usually costs about $9 a month, and it is absolutely worth it. Television is the best way to hear Italian when you are not in Italy, mostly because the accent is pure. One of the problems with Italy is that every region has a different dialect, which can be confusing to someone who is just starting to learn the language. TV offers a solid source for the Italian language and culture, and it should be part of your studies.
Step5
Piazza Santo Spirito - an original oil painting by Matthew Bates
At this point, you should find an Italian community in your neighborhood. Usually there is an Italian restaurant or caffe where Italians get together. Italians are a gregarious people, and they are pleased to help people who want to learn their language. The reason that you should find this community is that you have to begin to talk in Italian! This is very scary at first, and you will make many mistakes, but if you don't open your mouth, you will never speak!
Step6
Force yourself into situations where you have to speak Italian. Place an announcement at your local college to teach English to an Italian who in turn will teach you Italian. This is a great way to learn, and your Italian study partner will be eternally grateful.