On June 15, 2012, Secretary Napolitano announced deferred action for the "dreamers". We were supposed to get further guidance on August 1, 2012. Well, today is August 1, 2012 and there's no guidance.
Rumors vary with regard to the process, the fees, the forms and what documents will be required. There are already scams in the works to charge people tremendous amounts of money for this program and applicants are being lied to regarding what this program will do for them.
I expect that guidance will come soon, but until then, please be careful and stay tuned.