Tutorial based on [link]
Manga style watercolor is a simpler way to start because you can usually do your base color and shadows with the same color (just vary the amount of water).
This was done on smooth/hot press 140 lbs watercolor paper over a drawing in waterproof ink. I use M Graham tube watercolors.
The important thing to remember is that with each step/layer I let the paint dry before adding more. Once you get the hang of that you can add in blending with water.
When I do the highlights with white watercolor it's usually pretty thick, with hardly any water added.
Please check out my 2007 Fantasy Art Calendar [link]