There will be a full lunar eclipse for all parts of the world that experiences night at 0143 GMT (2043 EST and 1943 CST). It will occur Wednesday Evening/Thursday morning February 20/21, 2008. The full event lasts just over 3 hours, but we will experience totality for about 50 minutes. Totality will begin at 0300 GMT and 2200 EST. When entering the umbral shadow the moon will appear to be in retrograde of its cycle (it will be less full as the eclipse progresses) and then at totality we should see a bright red moon resembling an enlarged Mars (this is due to the refracting of light from the upper atmosphere, same phenomenon that causes red sunrises). During the late winter/early spring is the best time to see an eclipse, since the atmosphere tends to be clearer.
If this is the type of thing that interests you, I encourage you to try to enjoy it, as there will not be another total lunar eclipse until 2010.
For more information, see this Wiki article.