The Papal Conclave in Summary

How is the new Roman Catholic Pope chosen/elected?
I tried to search on the question about the election of the new pope. Google lead me to CNN's detailed account of the latest news about the Papal Conclave in Rome.

I will just summarize the whole text. Here are some important points:

• The conclave will start on Tuesday, March 12 with a morning mass.
• The cardinals attending will then enter the Sistine Chapel and begin the secret election called as the "Conclave."
• Puffs of smoke will be done four times in a day. Twice in the morning and twice in the afternoon.
• "Black smoke, no pope. White smoke, success."

Some Facts about the 2013 Papal Conclave:

• Italy has the largest number of voters.
• The United States has 11 of the 115 votes, making it the second largest national bloc after Italy.
• Sixty of the cardinals are from Europe and 67 were appointed by Benedict XVI.
• The new pope needs at least 77 votes from the conclave.

I pray for the decisions made by our cardinals in Rome.

@NicoCalunia