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You can choose up to 5 schools at the very beginning of the test. There is no extra charge to do so. If you want to send scores to schools after you've finished the test, you can do so from the GMAT web site for a cost of about $28 per school.
Note that the only time you can send scores to schools for "free" is at the very beginning of the test. Even if you don't send scores to all 5 schools that you can, you don't get to carry over any "unused" slots to send scores to schools after the test at no cost.
Make sure you bring photo ID that has the exact name of your registration. There were actually a couple of people at my test center that didn't do so, and ETS was definitely not letting them in. They give you scratch paper and pencils, so there's really not much else to worry about. Just show up and do your best!