Bokashi is a virtually smell-free way of creating a soil conditioner via fermentation (or pickling) of organic waste by micro-organisms in an anaerobic environment.
It's really very simple. Here's the two step process:
Save up your waste in an airtight container and add the bokashi mix layer by layer. Each layer of organic waste needs a sprinkle of the mix on top. The micro-organisms will ferment or pickle the waste.
Bury the processed waste underneath soil and let the traditional composting cycle take over.
Because the waste has been preprocessed - Step Two is a shorter step than in traditional yard composting. Perhaps more importantly, the smell is significantly less so you're less likely to attract yard buddies who want to eat your old garbage. Truthfully - I think the smell is nice.
This type of composting only works with the aid of the fabulous bokashi mix. The mix is concocted all kinds of different ways, but the most common elements are wheat bran, molasses, and the fabulous micro-organisms. The mixture is combined and then dried so it has quite a shelf-life (the consensus seems to be about 2 years if kept dry).

I didn't make my own for this initial experiment, but bought some (see above). In the future, I'd like to try making my own!
I initially thought of purchasing a pre-made system, but when I realized just how much some of them cost (upwards of $100), I changed my mind. I did some surfing around and discovered the basic requirements of a bokashi system. Usually you'll want 2 bins - one to actively fill while the other ferments undisturbed. It must be airtight and have drainage (sounds like it is a pretty wet process).
Several websites I stumbled across mentioned using old bulk food containers (you know the big plastic buckets that foodstuffs come in at restaurants?) This made me think of the all-purpose buckets at home improvement centers.
Why not experiment? Those containers run about $3-4 each and if you stack one on top of the other to serve as a drainage bucket - you'd need only four. At $16 plus an extra $2 for two lids - that's a great price!
Here's a step-by-step walk-through of how I set up my containers:
Gather up the following supplies:

Drill multiple holes in the bottom of two of the four buckets (this is for drainage).

Put a piece of screen on the ground and use the bottom of the bucket to trace the shape.

Cut the screen out using the line you just created as your guide. It should fit perfectly in the bottom of your bucket.

Fit the screen into the bottom of your bucket.

Put your bin with holes inside your bin without holes (the bottom bin will be your liquid-collection unit). Then sprinkle some of the mix on top of your screen.

Add some of your collected waste and then liberally sprinkle more of the mix on top (this shot was taken before I knew the "liberally" part.) Seal it up and you're fermenting!

I'm learning while I go so I thought I'd share what I've picked up at this early stage (also promise to update with more info as I go further down this path.)
I'm pretty excited about this experiment. I'm also planning on feeding some of the waste to my worms. It's like double-composting!