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My friends have all volounteered me to run a fantasy league this year and I don't have much of a clue. Where can i find the best/cheapest (free?) online resource to manage the league?

Yahoo, I guess. They have free leagues that do pretty much everything for you.

definitely yahoo.

...like start your 10:30pm live draft at 10:53, well into the 3rd round...

Their servers are screwed tonight.

We had to auto draft. I just released it at 8PM pacific so with any luck we'll have rosters by Sunday. Hopefully the Thursday opener (stupid idea) won't make everything go wacky.