Softbody Physics was quite a subject of conversation lately. Due to their nature and complexity (and numerous settings) they can be a bit hard to get started with. This video demystify their usage and explain in a nutshell how to get started with them. Learn how to create softbody cloths, setup bending constraints on simple and more complex geometry, set up softbody constraints, add wind and more...
ps: For a more advanced example (such as Softbody clothing attached to a skeletal mesh) check out the NRGstation.