Other than being a global phenomenal trend, Rainbow Loom is a simple handicraft set consisting of the following items :-
Loom board that looks like this
A Loom Hook and some clips that looks like this :-
Hook and Clips
and finally the rubber/silicon bands that comes in many colours.
Loom Bands in Rainbow colours!
How to get started on Rainbow Loom - making bracelets
Rainbow Loom is the name of the brand that started this craze. However, there are many other products out there offering similar if not the same items as you see above. Their prices may differ and so will their quality.
If you are wondering why you are so slow to catch on this trend, don't despair. The advantage of being slow is that there are tons of tutorials out there to help you on your learning journey.
The easiest thing you can learn if you are beginner is this "Single Chain Bracelet". It is simple and you should be able to accomplish it easily. For Rainbow Loom, your imagination is the limit and there are like limitless possibilities in what you can create with some rainbow loom bands and a loom board!
Once you are done with the single chain bracelet, you will definitely want more. You can then progress to the next tutorial - Diamond Bracelet