There are others here who have more experience than I and will chime in. I probably dont go about it in the most efficient mode but it works for me.
Some guys say cut in the winter. I harvest it any time I need arrows and havnt noticed much difference. Maybe it drys a bit faster in the winter.
cut it long. that way you can take the section that bends the best (spine) for your bow. I usually cut it approx 4 feet long. It will become apparent quickly when you have too big or way to small diameter.
after a bit you can tell approx how much diameter works the best.
Either straighten a bit every few days while drying or wait til it drys out. Usually takes least a month for mine to dry completely.
I use a heat gun that concentrates the heat while straightening. many other methods of heat will work as well.
here is a pretty good link to get you started.
http://groups.msn.com/ferretsarcherywebpage/rivercanearrows.msnwwhen the cane is completely dry it is easy to straighten using heat. when you have the heat just right the cane sweats and smells nice.
N2