Here's what I'm obsessively following and doing.
Check out Five Ways Tweeters can Help Iranis. These pertain to passing on reliable information, helping with secure IPs, etc. I'm personally RTing (or "re-tweeting") only critical information, such as a map to the foreign embassies in Tehran that are protecting and treating injured protesters, information regarding secured IPs and anonymizers, First Aid insutructions (English and Farsi/Persian) for bullet wounds, chemical burns, and broken bones. I am NOT making statements of a political nature - I am keeping in heavy circulation items that relate to the safety of the peaceful protestors, and their right to have their voice heard without threat of bloodshed. But seriously, focus on First Aid stuff and don't get too swept up in "Allah o Akbar". Especially if you're one of MY readers...
Keeping up with Nico
If following #IranElection on Twitter is way too intense for you (literally hundreds of new tweets each minute) Nico Pitney at Huffington Post has been LiveBlogging the Uprising for days. This is an excellent resource and through volunteer Iranian-Americans, most of what Nico posts has been translated into English. His reporting seems to be pretty well confirmed information (and NOT some of the fear-inspiring rumors shooting around right now).
Trying to Understand
BBC article "Consequences of Engaging Iran"
Tehran Times (state media) claims "Police Were Lenient"
NY Times Op-Ed by Roger Cohen (Brilliant - definitely worth reading.)
As always when posting about current events, tragedies, or personal times of woe, I must mention that I don't believe in prayer. If you wish to do so for the people of Iran, of course that is your RIGHT. But I entreat you, please, DO something as well. Even if it's just keeping track of things, trying to understand our fellow homo-sapiens across the globe, or Tweeting first aid tips.