'Bowline' is properly pronounced bowl-in. It should rhyme with rollin', or you will be pegged as a landlubber by sailing folk.
How to tie a bowline:
First make a loop, and bring the running end of the line around under the loop:
/ /
/ /
/ /
/ /
.------------.
/ ------------ \
/ / / / | |
| | | | | |
| | | | | |
| | | -------- |
| | ------------
| | -
| | | |
| | | |
| | | |
| ---------- |
-------------
Then thread the end up through the loop and around the line:
----/ /
/ --/ /\
| |/ /\ \
-/ / \ \
.---------| |.
/ ---------| | \
/ / / / | || |
| | | | | || |
| | | | | || |
| | | -------- |
| | ------------
| | | |
| | | |
| | | |
| | A | |
| ---------- |
-------------
(The larger loop around "A" is the loop that remains after the knot gets tightened, ie: the thing you are tying the rope to. Most often this is the leech of a sail, because a bowline becomes stronger under extreme tension, yet is relatively easy to untie)
Finally, bring the end back down through the loop:
----/ /
/ --/ /\
| |/ /\ \
\ \/ \ \
.---\ \---| |.
/ ----\ \--| | \
/ / / / | | | || |
| | | | | | | || |
| | | | | | | || |
| | | -------- |
| | ------------
| | | | | |
| | | | | |
| | | | | |
| | - | |
| ---------- |
-------------
Tighten from both ends, and you are done.
If the end is threaded the same way through the loop but around the line in the opposite direction (here right-to-left) this is called a Dutch bowline. Dutch sailors claim that it is stronger when tied this way, but this has never been demonstrated conclusively.