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As per usual, you'll need to agree to the terms of service (ToS). Some people think that Google has gone to far in claiming rights over your uploaded content. I can't see it myself, but you should be aware of the issue before you decide to use the service.
If you do accept, setting up Google Drive is easy.
You can then decide where your Google Drive directory will be located, if you want it to sync your Google Docs files, and if you want Google Drive to start with your computer. To the last two questions I think your answer should be yes.