According to Rav Perets- we make the blessing before washing the hands.
Either way is Kashe`r.
The blessing is "Baruch Ata A-donai Elohenu Melech HaOlam Asher Kideshanu BeMitsvotav VeTsivanu Al Netilat Yadayim".
Now the actual washing: Take the cup with the right hand, and pass it to the left hand.
Wash the hands three times on the right, then pass the cup over to the right, and wash three times on the left. [Some opinions differ, i.e.- 2, and 2]. Make sure it the water goes at least until the wrist.
After that- don't speak, and go immediately make the blessing on the bread "Baruch Ata A-donai E-lohenu Melech HaOlam HaMotsi Leh`em Min Ha'Aretz".