Okay, here goes:
I am a dork, so I took pictures of it before I did anything.
Wash in cold water, then place in a pot of cold water (it doesn't have to be a huge pot - a large saucepan will do).
Once the water boils, remove from heat.
Remove placenta from water.
Once it is cool enough, slice into thin strips. I removed the cord at this point.
Place the strips on a cookie sheet (ours was nonstick - not sure if that matters). I placed the cord on the sheet in a ring. I saved that as a little momento, which is either disgusting or sweet, depending on who you are.

Bake at 150 overnight.
Once dry, place a few strips at a time in an electric coffee grinder (<$20). I collected the dust in a bowl and then put it in capsules I bought from the bulk section of Whole Foods.
I took three/day for about a month. I still have more in a ziploc - one placenta makes a lot of dust!
DF was worried about the smell, but it wasn't really strong. You could smell it the most when I was grinding, but after having the window open for a few minutes, it went away.
Not sure about the advantages/disadvantages to drying it other than I don't think that I could have stomached it raw.
Good luck!