This is the nick-n-dime smoker's alternative to smoking, and it totally works! Unfortunately, most people use the microwave, but that's a big mistake; remember, cannabis is something to be worshipped and delicately cared for, not bombarded with free radioactive radicals. It can work, but not as efficiently as the way I'm about to tell you, because of the risk of weed getting vaporized in the process.
Remember, THC is fat soluble, meaning it will bond to the fatty acids in ANYTHING- absolutely-mother-fucking anything. So, you can cook cannabinols into peanut butter, milk, soy milk, beans (my dad makes a mean green chili), butter, and any form of cooking oil (hemp, olive, coconut, etc.).
I know you just want the bare facts, but there's loads of misinformation out on the Internet, and it took me five years to be really knowledgable about cooking with marijuana. I think it should be easier than that, so I'm giving you all this in the hopes that you can come up with cannabis products of your own invention, and further colour our fine subculture. The following works with peanut butter.
1) MAKE "CANNAFLOUR": Using a coffee grinder or, in larger amounts, a hemp grinder or blender, blend as much marijuana as it would take to get you pretty decently high. This amount depends entirely on what type of weed you're packin, so use stuff that you've smoked before, so that you don't misestimate. Distribute what you've got into a small bowl or shot glass. PS- make sure you check the sides and bottom of whatever you used to grind the weed. There should be a lot of dust-like residue from sticky buds and crystals that refused to just pour out. Using your finger, scoop all that yummy crystal in with the rest of the dope. It may not be much, but this stuff is PRIME for THC extraction, and you won't regret spending a couple minutes collecting it. Practice makes perfect here.
2) PREHEAT: ... oven to 330ºF.
3) MIX: While the oven's preheating, mix about an equal amount of peanut butter in with the cannaflour. Use your fingers to manipulate the big ol mess so that the cannaflour particles are pretty much evenly distributed. Assuming the bowl is oven-safe, put the mixture in the oven once it's preheated.
4) WAIT: ... anywhere from half an hour to three hours. The longer it spends in there, the more potent and healthy, but never heat it any longer than twenty hours.
5) Spread on a cracker, or whatever you like to do with peanut butter. I make a mean peanut butter sauce that I use in my stir-fries, so I'm getting high off Thai stick in Thai cuisine ^_^ Have fun!
EXTRA NOTE) I've read that consuming soy lecithin and/or turmeric at the same time increases the effects noticeably. I haven't gotten to try this out yet, but I'm planning on it tonight, so I'll let you know how that turns out.