This is a really basic walk cycle, with a simple character (with two legs, two arms). Animated on 2s. (Without inbetweens but if you look in the top right hand courner you'll see a where the inbetweens go) The shaded arm/leg is the one behind.
1.) Contact: This should be the first drawing you draw.
- Both feet touch the ground.
 - Arms swing oppsite to the leg
 
2.) Down: The character should reach the lowest point in this drawinging. This drawing is should placed in between the passing and the contast. 
- Body dips down, to its lowest point, the front leg should be taking the weight.
 
 3.) Passing: Middle drawing, should be drawn second. 
- The body is going up, the leg is lifted and passing the leading leg, ditto for the arms.
 
4.) High Point: The character should be reach it's highest point in the walk cycle. 
- The body's weight is tipping foreward and the leading leg is moving forewards to catch the body from falling
 
5.) Contact: The legs and arms have swapped arms. The next three drawings should be the down, passing and up only reversed from the previous drawings. 
I'll do a post on the inbetweens later, k? :)