The concept behind scrapbooking hasn't changed since grade school. You can still place photographs, newspaper clippings, poems, and tickets into your scrapbook to display and preserve your memories.
However, scrapbooking techniques and tools have matured substantially since you were a kid. Scrapbooking albums have replaced the messy bundles of paper. These albums are generally bound or placed in a three-ring binder. In this way, your hard work won't fall apart. Furthermore, new specialized covers allow protection from the outside elements.
The best thing about scrapbooking is that although there are a plethora of scrapbooking supplies available on the market, you really don't need a lot to make your very first scrapbook.
Basically, all you need to scrapbook is an album, some glue, a pair of scissors, and some photographs or newspaper clippings. Any fabric, ribbon, or bits of leftovers from other projects can be used to embellish your scrapbook.