I never knew I liked rhubarb, but after a first try of simmered sweetened rhubarb last year with Lori, I was hooked!
The basic way to prepare rhubarb is to wash it, and remove any leaf parts. Then cut it down the center, and slice into small pieces. Simmer with about 1 TB water for each stalk, and then add something sweet (1 TB sugar, honey, or agave for each stalk). The simmering part should be over low heat, and will take probably 10-15 minutes (I have a gas stove, electric may be slower).
This creates a sort of compote that you can refrigerate and spread on toast or shortcakes, or incorporate into other desserts. At this point you could add vanilla extract, liquers or whatever else meets your fancy.
There are tons of ways to use rhubarb-- I've even seen rhubarb beverage recipes! Rhubarb Recipes on my "to-try" list:
Lori's Blueberry Rhubarb Crisp Recipe
Stewed Strawberries & Rhubarb over arborio/coconut pudding