For me all I do is take my 4-seem grip and move my 2 fingers to the right and my thumb to the left. The fingers still create a 180 degree angle (meaning the thumb is below the FINGERS-not the ball necessarily). I'm a righty. I do this a little bit, not a lot... how much I'd say should be figured by experimentation. This is by no means the "right" way to throw it... I couldn't really say there is one, just the way I throw mine. It's been dirty.
Make sure that when throwing it (have someone watch) that you don't roll over on it. It's key to throw it just like a FB with the different finger placement because that gives it a 4-seem FB look.
As to what it does... I haven't perfected mine, so sometimes it does a few things differently, but not many. In general, it should look like a fastball that has late cut (into a lefty from a righty). It should be a tight cut... meaning it shouldn't back up at all before cutting (kind of like a curve goes up before down). That's just a visual to help you know if your doing it right. Something someone can look for. It should be harder and move less than a slider. Mine 80% of the time is straight a across with minimal down movement, but I've noticed if I try to throw it down and in to lefties that it breaks more down with about the same horizontal movement. Hope this helps.