Shaving......down under

So I've recently decided to start shaving. I want to keep it shaved but oh.my.gosh the razor burn is killing me. Bumps galore, red, itchy, eek I don't know if it's worth it. I've talked to a few friends, some shave every day some shave 1 time a week etc. It seems like everyone has different opinions on the perfect technique.
Here's my question:
I have super super sensitive skin. How do I keep the bumps to a minimum?
Will the bumps ever go away?
What do you shave with?
How often do you shave?
Help a girl out here ;)
Oh....and any other tips you could give me.