Exchange names, e-mails, and phone numbers.
Pick a project leader. Internally you can organize with one leader or joint or none, but from my perspective, I want ONE person designated who will turn over documents to us, report status, etc. etc.
Find out all you can about the project. Meet with Alison Rabil or Michael Verchot first if you have a project on their handout. They can then put you in touch with the actual client. Approach those first contacts with the client carefully -- first impressions really can be lasting. It is best to have one person (your project leader, probably) designated as spokesperson, rather than the whole team flooding in with phone calls and e-mails. Use common sense and common courtesy.
Please, resist the temptation to start designing a database, let alone coding! I will NOT be impressed if you bring me a working prototype in 3 days. I will be horrified instead.
One of your first decisions is what HW/SW platform the client will run on, and where you will do your development. Check with Ryan early about these decisions.
Try hard to understand the problem to be solved. Who will be using the system, and what do they need out of it? How does it relate to what they have already? Try to understand how the system fits in with the client's overall operation. Then and only then start to model the data -- a little E/R is not inappropriate at that point.
I'll be back to you next week about what should be in your project plan, and when it will be due. PLs: please do begin keeping ta record of project activities (meetings held, etc).
PS: Don't forget to have fun!