Ritter,
This is how many developers (myself included) pay our bills. I would say it’s a simple process, but then again, I’ve been doing it for a while.
Step one, re-ceate the artistic layout of the site in photoshop or wherever you prefer. Chop it up into a theme (actually, ideally a child theme. I use thematic as the parent).
Step two, once you have a working theme (most easily developed on a local testing server like MAMP/XAMPP), rebuild your IA from the original site, using some combination of pages and blog posts, possibly using custom taxonomies depending on the complexity of the site, and test to make sure it behaves the way you expect it to.
Step three, create your 301’s to ensure Google knows where all your content has gone.
Step four, export your DB, install WP on your remote server in a sub-directory, import the DB, and check to make sure it works the same as at home.
Step five, move the testing site live, replacing the current one.
Each step has reams of sub-steps, but I would suggest Google or more specific searches here would help you cover those off.
Chris