Preparation? Usually, not much.
I didn't even watch last year except for 30 minutes on my break at work. Considering the Giants aren't playing I am really into it. Half my fantasy team was full of Colts which made me watch nearly all their games and I have adopted them as my AFC team. I like Manning's commercials before and have come to really appreciate his game. I like the city (GenCon) and I have rooted for the Colts in past years when the Giants were eliminated.
That said, I already spoke with my father about eats which will start with some kind of steak and the typical assortment of chips, dips and the like. Newcastle Ale for the beverages plus diet sodas for other folks. I may make something (tacos?) but I'll see come gameday what feels like it is missing.
Sometime before Saturday night (D&D game starts @ 6pm) I will burn a few hours writing an analysis and post it here (in the NFL thread) as well as my pick for the game. This typically includes pouring over stats, injury reports and probably a few trips to various websites of columns that entertain me.
After the D&D game, I'd like to pop in "Remember the Titans" with my only regret being a lack of an HD-DVD/Blu-Ray disc available. I would watch "Unnecessary Roughness" but I don't even have the VCR hooked up.
Sometime around 4pm I'll gear up with the Peyton Manning jersey. I'll probably watch some of the pre-game but become bored with it quickly and try to convince everyone to play a board game to pass the time.
5 people in attendance: my father, sister, her boyfriend, my girlfriend and I will then plop down for hopefully an enjoyable 4 hours of football and clever commercials.