BibleGateway.com has many (many!) bible translations and is free to use. The bibles are searchable and can be compared side-by-side. BibleGateway.com also has additional resources like bible commentaries, dictionaries and other study tools. BlueLetterBible.com is another searchable, online bible site with multiple translations and study tools including Hebrew and Greek.
The Inductive Bible Study method is the one that Joe introduced at kinship in May 2007. It's also the method described in the old, two-page handout Mike passed around. Mike's version was from Campus Crusade for Christ and is still available online at the God Squad site and as a PDF document.
Don't underestimate the importance of understanding the definitions of words and literary terms used both in, and to describe the bible. Don't understand a word? Don't just keep going, look it up!