Guess it depends on what type of reagents you use:
Fe203 + 2Al -------------> Al203 + 2Fe Then by working out the moles needed it works out at 3:1 159.5g of fe2o3 : 54g of Al - but just cancel this down until you get a quantity you want to use
Never done this before either but i hear putting it inside a plantpot works well as the molton iron comes out of the bottom. And yes you just mixthem togeather without water, this isnt baking a cake :P When you add heat to the mixture (Alot of heat!) via the mg ribbon the reaction starts and Al displaces Fe in the oxide hense why you get molton iron. (This is actually used to fuse train tracks togeather)
You could use any fuse you know that is really hot but i guess mg ribbon is the easiest to get hold of. Potassium permanganate (Kmno4) + glycerin is also good