First, download Skype 3.0 Beta for Windows.
1. Open the Skype main window. If it's closed, you can double-click on the Skype icon in the system tray.
2. Pick the command: Tools | Start Public Chat

This launches the Public Chat Wizard
3. Describe your chat.

Create a chat topic. This will show up at the top of the chat and in any web html you post on a blog.
Optional: pick a picture for the chat. This will also show up at the top of your chat dialog.
Think of both of these as semi-public information.
Press the Next button in the bottom right corner of the wizard.
4. Set your moderation rules.

You have three host control options.
The default is an open forum: "Anyone can post messages".
A little more restrictive is "Participants need permission to start posting." While the public can lurk about and watch the conversation, if they want to join in they must get permission first. This is great for panel sessions with guest speakers, or if you are holding forth before taking questions.
Control freak is the third option: publicly listed but private. "Participants need permission to start reading and posting."
If you have directions you want people to always see in the chat window, you can write "Community Guidelines." My generic one is "Be kind to each other and stay on topic" but suggestions are always welcome.
Click Next to continue.
5. Promote your chat.

You can skip this step and click on the Start Chat button. But you have two other options.
First, copy the link and paste it somewhere else you want to share it. Maybe your Google calendar? An email you're sending to invitees? An evite?
Second, you can press the "Get Code Snippets Online" button. It will take you to a Skype.com web page. There you'll pick a few cosmetic options and pick up html you can paste into a web page. You can play with the resulting html so long as the underlying links aren't changed.
6. Start Chat.
OK, so your chat is open. It looks like an ordinary chat except that your picture and community guidelines are at the top.
Now what?
7. Speak.

You can turn this into a conference call, if you are within Skype's basic calling limits (5, or 10 if you're using a dual-core processor).
8. Add more people.
With the "Add" button, you can only invite people already in your address book, at least in beta. But anyone can click on the link you created in the wizard.
Lost the link? Click on the menu for Options | Promote Chat.
9. Hand off the chat to someone else.
You can give someone else Host status.
Right click on their name. "Promote to Host"
You can also "Remove Host Privileges"
10. Silence the crowd.
You can make everyone shut up with one command (hosts excepted). Put your mouse over the "Chatting (21)" link at the top of the column of people. (mine says 21 at the moment, yours will show however many people are chatting)
A "menu" button pops up. Pick the "Make All Read Only" option.
This creates a new "Read Only" category in the people column. Click on the hidden menu next to the "Read Only" category heading and "Allow All to Chat" to restore everyone's chatting power.
11. Moderate individuals
You can force individuals to be silent (or restore them), or ban them from the chat.
12. Share things.
You can do file transfers, like in ordinary chats.
13. Change the picture, the topic or the "community guidelines".
Under the options menu.
12. End the conversation.
Options | End Chat
If you'd like to talk about this a little more, Join the Skype 3.0 public chat now. Lots of nice people there.