The other day I searched the Internet for a basic LightWave ClothFX tutorial and had a hard time finding anything. Eventually, I gave up and decided to try to get a basic setup working: draping a flat cloth over a simple sphere. After spending a fair amount of time guessing at settings, I finally got it to work.
And now to hopefully prevent other people from experiencing this frustration, I wrote up a quick tutorial describing my setup. Enjoy!
Tutorial link: http://www.moridin.com/tutorials/clothfx/basic/