Unless you're going to be building or truing a lot of wheels, I wouldn't worry about a truing stand, unless of course money is no object. You can true the wheel on the upturned bicycle, using the brake blocks as a guide and it's easier if you remove the tyre. I sit on a chair, with the wheel I'm working on, sort of between my knees. Then push the caliper over so that it brushes the rim on the side with "bulge" as it were. Working like this, your looking down on the rim from the inside of the wheel, so remember that turning the nipple anti-clockwise tightens and vice versa.
If you have disk brakes it's a little more awkward, but you could rig up something using a pencil taped or blu-tacked to the frame or fork.
When I true a wheel, I first check that all the spokes are evenly tensioned. If there are any lose ones, I tighten these to match the rest before actually doing any truing, I can sort out any additional wobbles this causes later.
When you look at a wheel, you'll see that the spokes go alternatively to the left and right side of the hub. Tightening those that go to the right side will pull the rim to the right and vice versa. However, you should always tighten and loosen spokes in sets, so if you have a bulge left exactly opposite a spoke going to the right, loosen the two spokes either side of the spoke going right 1/4 turn, then tighten the one going to the right 1/2 a turn. If the bulge is longer do them in pairs loosening and tightening as appropriate 1/4 turn along the length of the bulge.
I find up and down movement a bit more tricky to sort, but essentially you need to tighten the spokes going to both sides to pull in a bulge and loosen the spokes on both sides to let out a flat spot. If the bulge covers 4 spokes, tighten all by a 1/4 turn, then the middle two by another 1/4 turn and loosen them in a similar fashion to let out a flat spot.
Remember to pre-stress the spokes when your done, I do this by going around the wheel and squeezing parallel pairs together on either side of the wheel. Re-check for wobbles, make any adjustments and repeat until the wheel is good. It's quite tricky to get them absolutely perfect, I certainly can't, but I can live with a millimeter or so of movement.
Here are some more tutorials to take a look at:
http://bicycletutor.com/wheel-truing/
http://www.parktool.com/repair/readhowto.asp?id=81
http://www.bikemagic.com/maintenance/wheel-truing-basics/3041.html