Only Shamans may practice Alchemy and they must be at least level 25 to start. So if you are not a Shaman this is not a skill for you :-( And if you are just starting your Shaman, it will be awhile before you can use any of this information.
Making Potions:
A medicine bag must be used to make potions. Potions can only be made one at a time, although they may be combined later using a Bearskin Potion Bag to create a multiple use potion.
Place the correct combination of herbs into the medicine bag and hit combine. There are obviously very many combinations of herbs that work to create different effecting potions. For a list known potions, their effects and recipies please see:
Please keep in mind, however, that I doubt I've found every single Alchemy site out there. If you have more information or know of a better site, please email it to me :-)
http://home.elp.rr.com/wolfclan/alchemy/alchemyindex.html
or by clicking one of the links to it above. Links are underlined and in green, except email link (purple) and visited links (yellow).