First step is getting the K-lath up. The 100' roll unrolled itself down the hill---no pics of THAT. I shoulda, though. It was funny. You nail it up while stretching it tight as possible and cut out various openings with tin snips. You can get pretty scratched up... Then the 'weep screed' flashing goes in any edges, and corner lath on corners.
Now you mix up your stucco. I'm going with a one coat process since the finish is smooth. Most homes the stuff is actually sprayed on in a three coat process (Scratch, brown, top)
I used a tub and a mixing attachment on my 1/2" drill. Like Byron pointed out, it's just like frosting a cake. Even the mixing of the frosting.
Then you gotta apply it. I have a new respect for stucco-ers.. It is a real forearm workout. You slap some stucco on a flat board (hod, for you crossword puzzlers) scoop some up and smear it on.