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From what I have been reading on this site, it sounds like once I set up an IRA account with a broker I can then take the money I have and split it among different stocks and/or mutual funds as I please. Is that right?
Yup. It's like any other brokerage account except the IRA rules apply to any money going in or coming out. That is, no margin buying, no short-selling, and no transfering to/from non IRA accounts except as contributions or distributions.

Also it sounds like the commissions you pay to purchase any stocks or funds are considered to be a part of your total $2000 per year contribution limit. Thats kinda cruddy if that is true. If anyone could confirm my suspicions I would appreciate it greatly.
Yup again. Any fees the account generate come out of the account.

For the straight poop, here's the Fool page on IRAs.

There's also a message board: SEP-IRA Stragategy.

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