You'll need a mixing bowl, a sharp knife (I like my serrated tomato knife for this) and I'd recommend a trash bag to cover your cutting board or counter top as well, because the juice *WILL* stain, I promise.
Start by lopping off the top--about half an inch or so.
|See the juice?!|
Score the side from top to bottom about half a dozen times, give or take (at least 4 times).
Fill your bowl with cold water, and then break the pomegranate apart into the water. It should come apart pretty easily where you've scored it.
Then, all you have to do is get to work gently picking the little pearly bits out, letting them fall into the water. The fruit will sink, and the icky white part and skin will float to the top.
All you have to do from this point is skim all the white pith off the top of the water, and strain it and you will be left with about a cereal bowl full of pomegranate seeds/pearls/whatever you wanna call them to use however you want. My favorite is to just eat them as-is by the handful, but you could put them in salads, juice them, make jam, make grenadine, or any number of other things.
I store them in a bowl in my fridge wrapped in flour sack cloth.