Sarah White, at Knitting.About.com has a wonderful article on Reading a Lace Chart. She also discusses using a lifeline and keeping your place in a pattern.
Go here to read Sarah’s article and sign up for her newsletter: http://knitting.about.com/od/knittingskills/ss/lace-knitting-chart.htm?nl=1
When I was looking around for free knitting patterns to share recently, I came across this fun leopard print wrap from Yarnspirations.