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Looking to create a new module or project the first time? See http://drupal.org/node/7765 for details on how to start up a new project on d.o. and then come back and follow through on this section.
This video walks through creating a new release on drupal.org for a contributed module. I needed to do this for my Nice Menus module so I went ahead and captured what I did. It starts by applying a patch from the queue, committing the changes to CVS, tagging the release and then finishing up by creating the release node on d.o.
There is a slide with handbook references for the things that are covered but I'll list them here as well.
CVS command line: http://drupal.org/handbook/cvs/quickstart
Handling release nodes: http://drupal.org/node/94151
By Addison Berry of Lullabot
Watch the video - mp4, 11:14 minutes