Once you have completed a 4-year college degree (in any major, from Aeronautical Engineering to History) and meet the physical criteria, you will have to complete Introductory Flight Training (IFT) or earn your FAA Private Pilot's Certificate on your own.
Then, you are given an Undergraduate Pilot Training (UPT) start date. Once your start date rolls around, you will go to Columbus, Vance, Sheppard, Laughlin or Moody to start UPT. You will spend approximately 6 weeks in academics, just learning the basics of flying. The academics cover topics from aircraft systems to using instruments to basic aerodynamics to navigation and mission planning. It will be a lot like college, with classes, homework (reading assignments) as well as some "special" training. You will parasail to learn how to land a parachute. You will learn how to use the ejection seat. You will learn some survival skills and how do deal with physiological incidents. It is a lot to learn, but the stress level is not too high.
After the first 6 weeks, you "hit the flightline" and within a day or two more you have your first flight, your "dollar ride." You will likely be flying the T-6 Texan II. It is the primary trainer that is replacing the T-37 Tweet that I flew. The stress on the flightline is high, because of many factors. 12-hour work days: you show up at 0500 and don't leave until 1700. You are flying at 200+ knots and have to think that fast. You're pulling G's and learning aerobatics, stalls, intentional spins, instrument procedures and ultimately how to fly 3 feet away from another airplane with another student in it. You will fly solo in the pattern, solo out to a Military Operating Area (MOA) and do aerobatics solo, and you will fly solo in formation with another airplane 3 feet from you. All within 5 months. It's approximately 64 flights and 27 simulator rides.
Once you have completed primary training, you will track select into one of four tracks: fighter/bomber, tanker/airlift, helicopter, or turboprop (C-130). To get fighter/bomber you must be in the top 50% of your UPT class minimum. Typically a class is 24 people, and there are only 6 fighter/bomber spots. You have to be ranked high enough to be able to choose one. Checkrides count the most for your ranking.
I can't speak much for the fighter/bomber track, as I am in the tanker/airlift track learning to fly the T-1. But, the T-38 is an awesome plane and the stress is high, because they want you to be the best. At the end of T-38s (similar flying program to the T-6, with a heavy emphasis on formation flying with as many as four planes 3 feet from each other) you will be able to put down your "dream" aircraft from a master list. The better your ranking, the more likely you'll get your first choice.
In a nutshell, 13 months from when you start UPT, you will graduate with your wings, and if you work hard, you'll get what you want.
As far as the Academy, www.usafa.edu has good information, as well as your college counselor should have information. Your senator's and congressman's office will also have information. Talk to them about contacting your Academy Liason Officer (ALO) to find out more about the Academy. I don't know much about ROTC or OTS as I went to the Academy.
See my post in the "Air Force Academy" thread for more information.