I'm practicing on my husband, recording his earliest experiences on this little voice recorder. In an earlier post, I suggested using questions ranging from childhood through adulthood. I used these found here: http://www.chiptin.com/genealogy/family_history_questions. I'm sure there are other sources for questions, or just make up your own.
My thinking is that as I transcribe the information, it'll be in a question/answer format, rather than a narrative, in third person; it'll be like a written interview.
So far, it's going great. I plan to print this life history/sketch in a book format, but I'll think about that later when it gets closer to being printed.