I would totally love to help you out. Fire away with any questions. I can start off a with a little of the basics:
WaterFarm is technically the trademarked name of a grow system by General Hydroponics. It is a recirculating, drip fed system that utilizes a reservoir of nutrient solution that is pumped up through a column (using the physics of airlift - same concept as vortex brewers if you have ever seen those) to the ring, which drips the nutrient solution down through the grow media, down all the roots until it reaches the res again to repeat the cycle. No water pumps are needed, only an air pump. Now, that said, I don't have General Hydroponics WaterFarms. GH did something awesome, they made the kit available so you can turn anything into a water farm. Mine are simply 5 gallon buckets, with 10" net pot lids (you can find these at any grow store and online). The kit consist of a pumping column (it is a tube that another tube with the airline running down alongside it sides down into), a grommet for the drain/level tube hole, a drain/level tube, the ring assembly and an air line. Literally every grow store in my area (lots of them too) have these for about $12-15. So I just snipped out one of the areas on the bottom of my net pot, installed the kit, filled my net pot with media and transplanted the plant I want to grow in there (I use growstones, but you can also use hydroton (not my personal recommendation) or perlite (really great). I put 3 gallons of nutrient solution in the bucket, put the lid/media/waterfarm kit/plant on and that's it.
If that is confusing let me know. Or if you have any other questions. I can totally get some pics together for you too, that might help. Just ask