Installation of Ubuntu Studio is identical to the process for standard Ubuntu Linux. Online documentation provides some instructions, as well as information for upgrading from earlier versions of Ubuntu. You can, for example, install Ubuntu Studio over an existing Ubuntu instance by using the APT application to pull in packages over the Net. However, Ubuntu Studio's documentation is spotty and appears to be a work in progress. Several links led to "not yet written" pages.
There is no LiveCD installation option for Ubuntu Studio, so you cannot try it before you commit it to your system. (According to Ubuntu Studio's project lead, the system is far too memory-intensive to allow for a LiveCD version.) You can, however, install it on a virtual machine, as I did using Sun's freeware VirtualBox. This was sufficient for tire-kicking only, as high-throughput video and audio suffer noticeably on a virtualized system.
Though I created an audio-only instance of Ubuntu Studio, applications in the other two categories (graphics and video) are worth mentioning. A graphics installation gives you the celebrated GIMP image-editing application, the equally well-regarded Blender 3-D rendering system, the InkScape vector graphics editor, the Scribus desktop publishing application, and others. Choosing the video category gives you PiTiVi video editing system (which is actually a Python front end to the GStreamer collection of video processing modules), the Kino nonlinear video editor, the Stopmotion movie creator, and more.
Ubuntu Studio's selection of audio applications is impressive in both quantity and quality. There are at least three audio recording/editing applications: the solid and reliable Audacity; Time Machine, which has the unique capability of recording before you hit the record button (in case you make a really cool sound but are so involved that you forget to record what you're doing); and Ardour, which boasts features that rival those of commercial products.
MIDI processing and music-performance software includes the indispensable JACK system, a kind of Swiss Army Knife for routing audio and MIDI data. Software synthesizers include the Bristol analog synthesizer simulator and the multi-engine ZynAddSubFx. You'll also find several SoundFont-based systems, such as FluidSynth and Qsynth (the latter acts as a GUI front end to the former), as well as the GENPO (GENeral Purpose Organ) application. Ubuntu Studio also installs the robust Hydrogen drum machine, a percussion synthesizer and pattern-based sequencer.
Rounding out the musical performance software are BEAST (BEdevilled Audio SysTem) -- which is really a modular synthesizer engine and musical composition system in one package -- and the Pure Data (Pd) graphical programming environment, which can do everything from process MIDI and audio data to execute FM synthesis modules.
There's lots more, but available space cannot do justice to the full range of audio applications found in Ubuntu Studio. Even better, given that it is an Ubuntu distribution, you can use the Synaptic package manager to download all the standard Ubuntu applications you'll need when you're not using Ubuntu Studio to produce the next electro-trance hit.