Risotto usually falls into one of three categories for most people: 1) they're not quite sure what it is. 2) They like it, but they're not sure how to make it. 3) They like to bust it out on people for special occasions. Nothing says you're about to get all gourmet on your guests like the mention of risotto in the menu. Today, you are going to become a number 3.
You'll need a few things (the following amounts are for 2-3 people): one cup of risotto rice, a dry white wine (like a chardonnay), 3-4 cups chicken stock, Parmesan cheese, an onion, some (about a tablespoon) butter, and a touch of kosher salt. You will also want something to go in the risotto to trick it out a little. For this batch I used caramelized onions and sauteed mushrooms, but any leftover vegetable would be good, as well as herbs you happen to like.

A note on risotto rice- and keep in mind here that I'm not telling you anything I didn't learn from watching the Food Network, and specifically Alton Brown's show on risotto...
Risotto rice is a short grain rice. The shorter the grain, the more starch content. The high starch content is what allows risotto to become creamy and delicious without adding any actual cream. The trick is to cook the risotto slowly so that the individual grains of rice get cooked though at about the same rate that it gives up its starch. The most common variety is
Arborio, which is an Italian variety (I think). If you go to the rice aisle in the store you'll see that good ol' Texmati Rice sells a generically named "Risotto Rice." Don't let the lack of a specific variety scare you away- Cook's Illustrated rated it as one of the best tasting, and they don't mess around at Cook's Illustrated. You should subscribe if you haven't already. Really.
Plus, Texmati comes from Alvin, Texas, where I was born (yes, actually born in Alvin hospital) and raised (class of '88!).
The process isn't as difficult as people make it out to be- you start by "sweating" a diced onion in some butter for a minute. You don't want it to brown, just soften, which is essentially the definition of "sweating." Then add the rice and a pinch o' salt and stir it around for a few minutes until the outside of every grain is translucent, while the inside remains opaque. You should be doing all of this over medium-low heat. Getting the rice nice and pretty should only take a few minutes. Once you're there, turn the heat up to medium and add a cup of the wine. Now you have a lot of wine left to help you get through the rest of the process. Pour some into a glass. Enjoy.
Cook the wine down until it's almost gone, and then start adding your chicken stock, which should be simmering on the stove top. You want to just cover the rice, and you want it to come to gentle simmer. Gentle, not harsh, or mean. Give it a stir. Walk away. Many people believe you have to stir risotto the entire cooking time, but as Alton explained, that only causes the outer starch to prematurely enter the cooking liquid, which would be bad. So don't do it. But don't be afraid to stir either- I like to keep everything circulating nicely so the rice on top doesn't dry out.
In the meantime you can
saute your shrooms, asparagus, shrimp, or whatever you want to add to the final equation. Here were mine:

That's the onions in the background. Sweet, sweet onions. Caramelized and delicious.
Keep adding the chicken stock until the rice reaches a nice, creamy consistency, which should take somewhere in the neighborhood of 35-40 minutes. Then add your parmesan cheese (and please, not the stuff in the green can- get a wedge and grate it yourself. I promise it's much better that way). For one cup of rice it takes somewhere between a quarter to a half cup, depending on how cheesy you want it. I always go heavy on the cheese myself. Did I mention that this is a special occasion type of dish?
Fold in your other additions, and taste for salt. You should hold off on adding salt until the cheese has been integrated, since cheese adds salt. You don't want to spend the time making this only to over season it in the home stretch. That would be bad.
I just checked Alton's version, and he only used one cup of wine for double the recipe, but I've been doing it this way for a while and it comes out great. Adjust however you see fit, but you really should use the wine component- it just won't be as good without it. Here's what mine looks like- feel free to add some protein (like the aforementioned shrimp) to make this a main course.

Please try this. Really. If you do you'll have a new staple in your fancy pants dinner rotation.