Are you hosting an exchange student? Maybe you are thinking of hosting one. Here are some helpful things to remember when embarking on this cultural adventure.

[edit] Steps

Prepare a room for them. Your student will feel more comfortable in your house with their own room. Adorn walls with flags and maps of their country.
Learn about them. Try to obtain their e-mail address, so you can begin communicating with them. The sooner, the better.
Try to make them feel welcome. When you see a group of friends, introduce your student to them and let them meet each other. Try and say their name with their native accent in mind.
Don't try and do too much. In most cases, many things in their country are the same as they are in your country. Don't point out every tiny detail you see because it will annoy them. Do not speak loudly with them. They just speak a different language - they are not mentally defective.
Be polite and mind your manners. However, politeness and manners differ from culture to culture. Try to learn about the exchange student's culture before hand. Discussing these differences in manner can be an important way to share knowledge of each other's cultures.
Spend time with them. Chances are they won't visit you for a long time, if they do visit you again. Take them to the beach. Give them Coronas and teach them games that don't exist in our culture like sand-style hopscotch. Hosting an exchange student is something you will remember for the rest of your life, and hopefully you will remain lifelong friends. There are many different cultures all over the world. Keep an open mind, even if your Mexican exchange students appear similar to your friend's Japanese exchange students. Remember, they do not all look the same. Appearances can vary from region to region.
Make them part of the family. If you have chores or simple tasks in your households let them be a part of it too. Chores could include dishes, taking out the trash, or even walking the dog. It may sound a little harsh or out of the ordinary but, it will definitely make things more comfortable. Include them in conversation with your parents. If you have to ask your parents to go out or take out the car have the exchange student with you. Everyone is human!
Avoid stereotypes! This can easily lead to awkward or rude moments between you and the exchange student. For example, if they are from Japan or an Asian country, don't assume that they instantly like anime.

[edit] Tips

Don't be afraid to host an exchange student. Even if you think it will be annoying having them follow you around, or that they might think your life is boring, do it anyway. Chances are, it will be an enjoyable experience for both of you.
Find out about any allergies they have. It will make you seem like you care about their health.
They will try to buy you stuff. Accept their gifts, but if it gets out of hand, kindly refuse and try to let them buy you a simpler gift.
Base trips you take on their interests. For example, if they like basketball, think about taking them to an NBA game.
If classmates are also hosting students, help each other out. Also, try to get together to do stuff once in a while.
Remember the need for tolerance. Understand that the exchange student may not enjoy what you enjoy, and he or she may not understand the nuances of the host culture. It is all too easy to "step on another's toes" if the host and the guest are not tolerant of each other's differences.
If things seem to get a little confusing try and find comparisons with the cultures of the exchange student's and yourself. It will help in the long run if you get the misunderstanding out of the way.
Find a buisness like Face The World or EF (Look on Google)

[edit] Warnings

There is a very small chance that you and your exchange student won't get along. Just get through it. In most cases, they don't stay more than a few weeks, then, if you really don't get along, you never have to see them again in your life. But, 99.9% of the time, you will get along great and have the time of your life.