How is a new pope elected?

http://edition.cnn.com/2013/02/27/world/europe/pope-selection-process/index.html?hpt=hp_t2

In my opinion the Vatican always try very old Popes and in 5-10 years or they die or they need to leave their position. The election of the new Pope go for 15-20 days with the white smoke. In these days the cardinals vote between them and choose one of the cardinals for do the work of the Pope for the time that  he lives or he want. During that days the press go doing estadistics about who will be the new Pope and the people fallow this with a lot of intensity because the cristianisme is so important for a millions of people.