The OWOH event starts after midnight on Jan 30 through to Feb 17.
From what I understand it's a chance to 'share the love' and discover new blogs, ideas, trechinques and maybe even make a new friend or two.
All you have to do is do a post in the spirit of OWOH. Share the love, offer a giveaway on the 30th and draw a winner or winners on the 17th.
Of course you will recieve too. You will recieve INSPIRATION when you visit other blogs, you will likely recieve IDEAS and learn new TECHNIQUES as a result of discovering new blogs and if you are LUCKY you may even win a giveaway prize yourself!