With modo 601 came a video called Fireboy where Andy Brown rigs and animates one of Warner McGee's characters. The video is quite detailed, but if you just want to quickly jump in and rig a character, I've broken it down into simple steps below.

Preparation

• Make sure your character is a nice clean mesh without holes or flaws. Just to be sure, run > Geometry > Mesh Cleapup before you start.
• Separate the components, such as body and eyes into separate layers.
• Centre your character at X & Z, and zero on Y
 

Create Skeleton

• Click on the Setup tab along the top menu
• Under Commands select > Setup > Skeleton
• Then click on Tool Properties tab and make sure that Compensation and Intersection are turned on (2:20)
• In Add-mode, create your skeleton. Be mindful of when to use symmetry, and when to turn it off.


Align Bones

• Double-click on the root bone (in the viewport, or from the Item List)
• Adjust all joint locators so that the red line is pointing along the X-axis by selecting each joint individually, then clicking on the universal transform tool to move it. It's quicker if you have two viewports open side-by-side - one Front, and one Right to make seeing where you're at, easier. (5:55)

Zero out transforms on all joints (Sets a resting position for deformations)

• Go into Setup modo. A yellow border will apart around the viewport
• Double-click on the root bone
• Go to > Properties > Zero > All
• Turn off the Setup mode toggle
• Save
 

Bind skeleton to Mesh

• While in Item mode, select Setup mode
• Double-Click on the root bone in the viewport, and then Shift-select the character mesh
• Then under  > Commands > Deformers > Bind > Heat  (you can use any of the other options)