The US visa application process

1. https://cgifederal.secure.force.com/SiteRegister?country=&language=  please register here. This is called your profile ( kind of a dash board from where you will track your visa application , enter visa delivery details , update and pay fees and so on )
2. Go to https://fmjfee.com/i901fee/desktop/index.jsp?view=desktop and fill up form I-901 on-line and pay the $200 SEVIS fees.( you will need the SEVIS ID here , so faster you get your I-20 , the better)
3. Be very sure that you maintain a copy of the receipt of the SEVIS payment.
4. Next go to https://ceac.state.gov/genniv/ and select the embassy where you will be going ( remember , the embassy has to be the same from first to last step and cannot be changed )
5. Here you have to fill up the DS-160 form on-line. Please make note of the application ID and security question / answer for updating the form.( this is to be linked to your profile via the DS160 confirmation number.
6. Pay the visa fees . This is paid thru your profile which you created in step no. 1. there are multiple options to pay. NEFT is the quickest and hassle free. For every profile a unique account number is generated to which you can transfer the $160 ( at an exchange rate of 65 ). One your payment is done you will be able to book your appointments. Alternatively you can pay the fees thru AXIS bank centres. If you take that option you will get some thing known as an MCR ( some electronic receipt ) which you have to enter back into your profile. 
7. Using the profile login , you will be able to select two appointments. One for visa processing centre where your biometrics are scanned and one for the interview at the consulate.

You can check  the waiting periods for individual embassies here
http://travel.state.gov/content/visas/english/general/wait-times.html/

P.S : No liability on part of the author :)