Rice depends a lot on what type of rice you're using, what type of cuisine it's for, and how old it is.
Never use rice more than a year old. If you can't use 5 pounds of rice in a year, don't buy it. Rice is best if it's less than 6 months old.
Rice comes in a lot of different shapes, sugar/starch contents, cooking methods, etc. Indian food uses a long-grain rice, while Japanese uses a short, sticky rice. However, one key fact to remember is to always rinse rice. Wash it thoroughly in a mesh colander, changing the water several times until the water runs clear. (I do this by filling a bowl that my colander fits into with water, soaking the rice for 3 minutes, dumping the water into a bucket to take out to the compost heap or garden, repeat. It usually takes about 4 gallons and about 4 changes of water.) Then let the rice drain for at least 1 hour.
I cook rice by metric system, because you should cook white rice with 15% more water than rice, not equal as my mother taught me (this makes hard rice, no matter the altitude). I cook 200 grams of rice in 250 ml of water (about 7 ounces in about 8 ounces). When I use the stove, I use my heaviest bottomed, deepest pan, and make sure that the water level is not more than a third from the base of the pan. For brown rice, the ratio is 2 parts water to 1 part rice, and cooking time increases to about 40 minutes. (I cook a lot of brown rice; it's very good for one.)
I start the rice cold, bring it to a boil with a lid on top (glass lids help here!) and then turn the fire down until it's barely visible. On an electric stove, I guess this is low.(?) I then set a timer for 8 minutes, so I don't get distracted and forget it and let it burn. Once the water has been absorbed, I remove it from the heat (or turn off the burner) and leave it alone, still covered, for 10-15 minutes, then fluff with a fork.
The woman who taught me Indian cooking told me that Indian rice should lay together like brothers, side by side, not sticking together like lovers. This, apparently, is a proverb. The rinsing helps this quite a bit. She also dropped 1 T. ghee (clarified butter) into the pot, but then again, she dropped 1 T. ghee into everything. I don't use it when I make my long-grain rice, and it's not sticky or hard. You might try it.
For Japanese rice, and to an extent, Chinese, where you want it to clump so that its easier to use with chopsticks, you want a higher starch content in the rice. I personally love the flavor of Minori rice, which is an oryza japonica grown in Spain short-grain rice that is often used for sushi.
Basmati rice is a type of rice, not a method of preparation. It's an Indian rice that must be imported to get the proper fragrance and flavor. Tex-mati and Cal-mati are close, but not right. Other varieties of rice are Jasmine, Black, red, arborio, and 3000 or so that I'm missing. I seem to recall hearing Martha Stewart say that you can use Carolina Gold rice as a substitute for Basmati, and it's a wetlands rice.
My preference for most varieties to to buy an imported rice for important environmental reasons. While I'd love to support the American farmer, the way we grow rice in the US is ecologically irresponsible. Rice grows very well in wet paddies, but US rice is grown dryland, and requires herbicides (weeds don't grow in wet paddies) and pesticides, as well as about 7% of the US annual water consumption. In California, this is a very bad thing, since the state is in a perpetual drought. Thus, buying imported rice that was grown on naturally occurring paddies thanks to seasonal monsoons, paddies that provide important ecological niches for water-birds, frogs and other such creatures, just seems logical to me. The exceptions to this is the Carolina rice farms and Lundberg Farms in California. (Lundberg grows organic, nutra-farmed, water-responsible and non-GMO rice.)
I really recommend a rice cooker, because it always comes out perfect, and some of them can be used as a steamer, as well. They work on a temp or weight principle (mine turns itself off when it gets light because the water has steamed out). Mine was something like $7 at the Asian grocery something like (oh, god I feel old) 15 years ago. I bought it my first year of University, and it's still working fine. I think I saw one recently at the local Asian grocery for about $20.
You can buy Basmati at Whole Foods, Wild Oats, most grocery stores in the Asian food section (look for the imported stuff) or online at
http://www.americanspice.com, EthnicFoodsCo.com, Indian Harvest Specialtifoods, Inc. (I found them at shop.com using a Froogle search). Again, for Basmati, you really want the imported stuff.
Hope this helps.... I love rice, too, and am fascinated by this stuff that feeds most of the rest of the world.