Pretty much you have it right. I would use DNN version 3.2.2 at least for awhile as it seems most stable to me and you will be able to use the two best modules IMO :) Forums and Gallery.
I'll got through the number you have above.
1. Use DNN 3.2.2
2. IIS Needs to be installed on the machine you are going to use as the server. It is the server. :)
3. To make it easy first time around; unzip the DNN file in C:\DotNetNuke. Make sure it's the install zip and not the source zip.
4. Get into IIS configuration and create the virtual directory and point it to the C:\DotNetNuke directory. This will give you a url later that looks like http:\\localhost\DotNetNuke
4b. Go back to the c:\DotNetNuke directory properties / security and give the ASPnet user or IUSR_<machinename> full permissions to the directory and let it copy those permissions down to all other folders and directories.
5. Yup You will need some type of database. Out of the box default install requires SQL server but MSDE. Search google for the link it should be the first one if you search for MSDE. Try to get the old version as I can help you better with that one but if you can only find the new 2005 version I suppose I could load it up and see. :) I should anyway. For now you need to use one of these options to make things much easier on yourself.
6. You have exactly right. You will be using MS Access as a frontend to the database in lue of enterprise server. You don't have to do anything other than create the database.
7. You have to tell MS Access you want to create a database in SQL server and not a normal Access database which is really just a file with a mdf extension. So select new project and that generally does it. It should ask you at some point for connection information if it doesn't you have the wrong type of database selected. The rest you have right. Access is a really nice tool to use it you are just learning SQL or you don't need the full power of enterprise manager.
8. Yup if you have the database created and the connection string right when you go to http://localhost/DotNetNuke you should see everything installing and things being upgraded. If you have something wrong it will let you know pretty quick and then we can figure that out from the error messages.
Sorry about the e-mail thing I thought you would be able to get it. Try me at toss@phdavis.com