Yep. Sounds awful, but you'll find once you get going that it's a nice smooth way of doing things. Get it on paper and in your In Tray, and provided you process regularly (every day is good) it gets it out of your mind. Which leaves the clever bits free to do their stuff.

I found it took about 2 or 3 reads through, plus starting the thing, to get a handle on the whole lot. Stick with it: there's all sorts of insights you'll develop as you think about it.

I'd suggest that, to start with, you concentrate on the second part of the book. The first part talks about the wider view, whereas the second part gets into the practicals. The important bits are (1) the five steps, and (2) the processing flow chart. Once you get your paperwork moving, and get into the flow, then you can start thinking about higher levels and niceties.

I suggest finishing the book before getting into the rest of GTD. I've seen a lot of people get all excited and start getting into it before finishing the book. It'll probably give you a better perspective since you'll see what the desired outcome really is.

These boards should be a huge help; they've helped many a GTD newbie.