Take a 5 gallon bucket and an old pillow case. Put compost in the pillow case (or an old nylon) and tie it off. Let it soak for 2 days. Dilute with water until it's the the color of tea you drink and water your plants with it. There's MUCH more info on this on the Soil, Compost and Mulch forum.
Sally

try a paint straining bag from a paint store or Home Depot, as is suggested in the pdf David posted (sorry no link)

Try buying already prepared aerobic compost tea solution. Buchanan's Native Plant Nursery in Houston has a SoilSoup kitchen for self-serve gallons of a very high qualty aerated compost tea. Anaerobic or non-aerated compost tea has little value other than as a low nutrient liquid fertilizer.

Sally's method is the one I use, and it really helps. The first couple of batches I made I didn't use a bag. It worked, but was rather messy. Since I aerate my compost tea with an aquarium bubbler, things got all sorts of clogged. If you're making non-aerated tea -- the stir it in and wait a few days kind -- you don't have to worry so much about a bag. Both aerated and non-aerated teas have benefit, though aerated teas are less likely to get "stinky" because of the different bacteria and stuff that grows in them.

For lot of info on compost teas, check out the Soil, Compost, and Mulch forum. Good FAQs, knowledgable, friendly folks, high traffic. I warn you, though... the board is addictive. *grins*

I second the use of the paint strainer bag. Here is that link.

Here is a link that might be useful: Deuley's Little Texas Tea Brewer

A pantyhose leg

If you can't find the paint strainer bag, Woolite sells a fine mesh zippered bag for cleaning lady's delecates.

how do you aerate it?

I use some burlap rice sacks that I found at the dump, but obviously that is a chance occurance that will not help you! They rot out after a while, but I found quite a lot of them.

"how do you aerate it?"

I use two aquarium "bubbler bars" attached to a small aquarium pump, put into the water and let to run for a couple days. Tubing, pump, and bubblers cost me all of 15 bucks at Walmart, if that. I make tea out on the deck, so I cover the pump with an overturned bucket in case it rains.

Merrill's makes Compost Tea Bags.

Here is a link that might be useful: Merrill's Compost Tea Bags info

Nice thread, I'm looking for bags myself thanks for the link.

I bought some paint filtration bags.

I buy compost tea bags already made, they are made from poultry compost, from a real chicken ranch. They're called Merrill's All Natural Compost tea. They are bags that make 1 gallon of the best nutrition for your plants indoor and out. I used it for the first time over winter on my sad looking indoor plants and inside 1 month everything was full and green, I kid you not. Very affordable as well.

Here is a link that might be useful: Merrill's All Natural Compost Tea

Really convenient bags can be bought online at:

www.letgoletsgrow.com

Those bags have drawstrings and are a good size for both small and large batches.

also, sorry to get off topic, there are many different tApes of compost tea. It is important to know the difference between manure tea and actively aerated compost tea.
Manure teas can have pathogens and are anaerobic while actively aerated compost tea is aerated and has enough dissolved oxygen to help the good guys and not allow such things as E. coli ...