its pretty straight foward really... just setup your skeleton as per usual, and skin your geometry to it.
setup your IK on that skeleton, and create a controller object for the IK handle.
now duplicate the parts of the skeleton that you want to have FK/IK on. ie duplicate the arm heirarchy. then on the duplicate heirarchy, create 2 locators in the exact same position as your IK controller object, parent one of them to the original heirarchy, and the other to the duplicate heirarchy. then constrain the IK controller to both of the locators. now when you change the weighting of the constraints, the IK controller gets pulled between the two locators. the thing that makes it cool is that when its attached to your duplicate heirarchy, the IK handle is being controlled by an FK skeleton. so although the arm is still being controlled by an IK chain, its moving as if it were FK.
make any sense? oh yeah, the other thing you have to do is make a similar setup for your elbow look-at. so two locators, one parented to your duplicate heirarchy, and one either parented to your original skeleton, or to the world (depending on how you like to control your elbow) and then create the constraint on the elbow controller to flick between the two locators.
now you can just create an attribute on your arm controller that switches between FK and IK.
anyway, thats a pretty rushed overview, but it should give you a pretty good idea of where to start.
there is also another method which is more of a true FK/IK switchable skeleton, which I believe is attributed to chris landreth of bingo fame. I'm sure that method is documented somewhere on the web. do a search. his method requires 3 skeletons though, not 2, like the method above.
best of luck!
-zz