Not specific to the Q, but a good rundown...
http://www.youtube.com/watch?v=X_tbksFYhl4
I would disconnect the fuel pump fuse before trying the test
It appears that the tester is available as a loaner tool from Pep Boys, and probably other parts stores. It's the last tool on the left side at the bottom.
http://www.pepboys.com/parts/tools
The factory service manual will give you the dry and wet compression specs.
http://www.nicoclub.com/FSM/
Also remember that you probably have a lot of fuel in your oil, so I would drain and refill it with a cheap filter and fresh but inexpensive oil. If you get it all back up and running, then replace that oil and filter with your usual stuff.
Don't be surprised if your dry compression is really low, or approaching zero. The fuel should have washed the oil off of the piston rings, and they don't seal well without some oil film on there. In this case the wet test will be more indicative of what's going on.
Good luck!
Heath