The most important thing first: don't just turn things randomly and then find out water's coming out - that happens easily if you hit the wrong valves or you're too impatient. Most people bleed their radiators way less often than they should, because they think it's an annual routine. In reality, it really depends on how often air gets into the system.
Ideally, you bleed once before each heating season, so in autumn before it really gets cold. That should be enough for most houses. But if you regularly hear gurgling noises (like you do in the mornings), that's more of a sign that air keeps getting in - could be from leaks in the pipes or at the valves. In that case, bleeding more often only helps temporarily, and you should really try to figure out where the air is coming from. With older systems or houses that have problems, you might need to bleed 2-3 times per heating season until the issue is fixed.
The process itself is straightforward: turn the heating up, wait till it's warm, then use the bleeding key on the small valve at the top of the radiator and slowly open it - air hisses out, eventually water comes. Close it right back up. Takes 1-2 minutes per radiator, best done room by room. If the gurgling comes back right after you bleed it, I'd get a professional to look at it.