Canadians spell it that way too Staciarain

When I draw with coloured pencil, I do a graphite drawing first, then transfer it to another sheet of paper using a coloured pencil to transfer the work, otherwise the graphite does tend to smear under the coloured pencil and dirty the work.
Coloured pencil involves lots of layers of colour which are build gradually and you can have a light look like watercolour almost or as rich as an oil painting depending on how many layers you use and how much of the paper's surface you fill with colour. Start off with a light layer of colour evening scumbled (think loose circles) over your surface and build up from there.
It will reach a stage where you hate it and think its ugly, but keep going, it gets better. A good coloured pencil drawing can take 20-40 hours to produce, depending on size and detail.
Erasing is a challenge with coloured pencil. The best tool for the job is an electric or battery operated eraser, mounting putty or good old scotch tape. Ordinary erasers don't do much for coloured pencil. They take some of the colour out, but not much.
I hope that answers some of your questions. If not, ask more!