There is a recipe for the tincture (infamously known as "Green Dragon") in the recipe section of this site. This is the quick method for those that don't want to wait for weeks/months for the tincture to mature like a fine wine.

http://boards.cannabis.com/showthread.php?t=82380

But be careful. If you use 151/190 proof alcohol it will burn your mouth. Dilute it! The tincture can also be put in drinks and consumed, but then you experience the normal effects of eating.