First off,welcome to Bscene.
To static drop your truck,in detail here's how,with pics.
Front end:
First,unbolt or cut off your bumpstop on the lower control arm. You'll be okay with leaving the top bumptop on the upper control arm.
Then,with a 17mm socket,get under the truck and start loosening the torsion bars (mid way under the cab). Count how many turns you do on one side and match the other side to keep it even. I lost count and just eyeballed it lol.
Ok,now that's done,your front end should be significantly lower.
Now,if you want to do it RIGHT,go out and buy a set of AIM 2" drop spindles. You need to run atleast a 16-17" rim for them to clear the castle nut on the bottom of the spindle,so they won't work with your stock wheels.
If you can't do the spindles and want to flip your balljoints, pull everything apart and on your lower control arm you will see a raised section where the ball joint sit underneath. Cut out this raised section,because when you flip the balljoint,it will not sit flat if the hump is still on the control arm. Use NEW grade 8 hardware to reinstall the balljoint,and i recommend using nuts,bolts and lockwashers just to be safe so it doesn't loosen up on you while driving. After all that is done MAKE SURE you get an alignment done. I did not align mine and chewed through a set of tires in 2 weeks!
Rear:
Leaf pack -- On each end of your leaf pack will be 2 clips. Pry these open. In the centre of your leaf pack is a pin which holds the leafs together. Heat (if you have to) and hammer the pin out. Once the pin is out,the leafs will come apart. Remove the 1 or 2 middle leafs,making sure you keep the large main leaf,which is bolted to the hangers,and the shortest leaf. Put the pin back in to hold the 2 leafs together and that's the leafs done. *This really isn't recommended,as it makes your suspension much weaker and prone to failiure. The proper way to do it is take your existing leaf pack to a shop and have them heated up and de-arched,or buy a set of lowering leaf springs from a company like Belltech. De-arched (lowering) leafs will give you up to 3 or 4" of drop,and you won't even need to run drop blocks. You can if you like,to get a little more drop.
To install the drop blocks,unbolt the U-bolts that go over the axle and drop the bottom plates. Now the leafs,axle and shock absorber will all be disconnected from each other. Jack up the axle until there is enough room to slide the drop block into position under the axle on the pin on the leaf spring.Slowly lower it back down and install your LONGER u-bolts (supplied with the drop blocks). Cut off any excess threads if they hang down too low to prevent having them catch while driving.
Shocks:
I'd recommend replacing your stock shocks with stiffer lower shocks,such as Procomp Toxics or Belltech shocks. They are stiffer and have a shorter stroke and the truck will ride like a Cadillac.
When finished,this is what a mono-leaf and 3" block look like. The white shock is a Toxic drop shock.
On the front,notice the castle nut for the tie rod. In this photo,the truck has the drop spindles installed. The nut will rub on the inside of the rim on anything smaller than a 16. Some 16" wheels will fit,some won't. With a 17 or larger you will have no problem.
If you look to the left of the balljoint,on the lower control arm,where the threaded stud is sticking up,and the head of the bolt,that is the area you would cut out if you are flipping your balljoints.
Hope that helped!