This is one example, but you can take a small plastic container, drill some holes in it and you're good.
You need special worms called red wigglers, these guys like to climb all over in compost piles and break down the food waste while normal worms just like to stay in the soil. There can be ways that the bin starts to attract fruit flies and smells bad, but there are ways to fix those problems. Many people on craigslist sell their extra red wrigglers.
The benefits are that you can get rid of the green food waste instead of throwing it away while producing a soil amendment for your house plants, garden, or neighborhood garden.
Metro's worm bin composting website
I have also just learned about compost tea this is where you take some compost and you steep it out in the sun. Traditional European formula: Steep 1 part compost in 3 : 9 parts water, with optional additions of a handful of basalt-meal or granite-dust and seaweed powder, and stand at room temperature ( 20 - 25C°) for 3 – 24 days, with frequent stirring. Sieve through cheesecloth or a fine mesh screen. From Wikipedia on the subject.