ok, i clicked snipe on ebay page, typed in my username and password, and went through how many seconds and price and everything. what more further action is required of me, if any?

It depends on what you want.
Please check FAQ page for many answers:
http://www.myibay.com/login/faq

It covers most of the frequent questions, but not all of them so feel free to ask more questions if you could not find it on the page above.