1. Go to http://www.google.com/analytics/
2. Apparently an Analytics account is associated with a Google or gmail account. Probly multiple sites per Google account, who knows. So, that’s needed.
3. Then you fill out some personal information with which you hope Google won’t do anything evil.
4. Finally you get a snippet of code that you stick in the footer.php of your WordPress blog. Put it before the </body> tag.
5. The Google Analytics site will now show you a table with your site listed. Apparently it takes several hours for the stats to start showing up.

Sites
http://wordpress.tv/2009/05/29/getting-started-with-google-analytics/
http://www.google.com/analytics/