As long as you're playing with guys you work with, there's nothing wrong with jumping right into things.
Here's what to do:
1. Make sure you have a website account that supports FTP. If you don't know, contact your webhost and ask.
2. Assuming your account supports FTP, you need to find out the account username and password that allows FTP access. Again, if you don't know, ask your webhost for that info, in case that information isn't available to you when viewing your account online. Once you have the information, you can use the 'in-game FTP' option.
3. Using an FTP program or whatever interface your website has availble, create a folder named "lgreports"
4. Open the game. Go to Online League setup and input your username, password, website(in many cases you should not add the 'www') and the directory should be '/lgreports'.
5. Test the settings. If all is well, Go to the Reports section, browse and find a folder(I suggest creating a folder before this step.)on your machine and generate the league reports.
6. After the reports have finished generating, click Upload to FTP server and go have lunch.
When this finishes, your website will display all the standings, team pages, etc. If others are using OOTP as well, you'll have to make the league file available to them by zipping it and uploading it to a directory on your website. Then give the URL to the other GM's.
Hope that helps! Good luck because there are a ton of "rookie commish" mistakes ahead!