http://politics.nytimes.com/election-guide/2008/results/states/IA.htmlscroll way down the page for the info
Iowa’s Caucuses
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Details of the Nominating Process
Democrats
January 3, 2008 Caucus (Open) 57 delegates at stake
The process has four steps: the precinct caucuses, the county conventions, the district conventions and the state convention. At the precinct caucuses on Jan. 3, delegates are elected to the county conventions on March 15. Delegates to the county conventions select delegates to the district conventions on April 26 and to the state convention on June 14. Participants in the state convention June 14 select 16 pledged delegates to the national convention. An additional 12 unpledged delegates are also selected from party leaders. The delegates to the state convention elect Iowa’s at-large delegates to the national convention.
Republicans
January 3, 2008 Caucus (Semi-closed) 40 delegates at stake
At the party caucuses on Jan. 3, a straw vote is taken, and delegates to the county convention are selected. The results are not binding on elected delegates, but the delegates usually feel obligated to follow the wishes of caucus-goers. At county conventions on March 1, delegates are chosen to both the Congressional district conventions and the state convention, and they may or may not be chosen based on their presidential preferences. At the April 26 Congressional district conventions, delegates previously chosen to attend the state convention are told which presidential candidate is preferred by the district delegates. At state convention district caucuses June 13-15, delegates to the national convention, three from each of the state’s five Congressional districts, are allocated proportionally to presidential candidates. At the state convention on June 14, the remaining 25 delegates are selected. Of these, 22 are allocated proportionally to presidential candidates, and 3 unpledged delegates are selected from among party leaders.