I've used fantasyauctioneer for maybe 6 different auctions and it really is the best thing since sliced bread. Here's the mechanics of it....
1) You tell it how many roster spots you have at each position and your overall budget;
2) People sign up and choose a nominating order spot (or you can do it randomly and reassign them... it really doesn't matter)
3) You set how long for each player (5 seconds, 10 seconds, whatever)
4) The website calculates the maximum bid... say you have a $250 auction budget and 30 roster spots, the most you can bid on any one player is $221 (since you would need at least $29 to bid $1 on each player in the rest of your roster).
4) Auction starts.
First player puts up someone, say Pujols, at a starting bid of $35.
The auctioneer does a, "going once, going twice" and ticks down the seconds.
Other players can either type in a new bid (say $40) or just hit a, "+$1" button.
After nobody else bids, you hear a, "Sold" (with the occasional grumbling that you'll hear a Sold but someone will sneak in a bid anyways).
Pujols gets assigned to the winning team's roster (for multi-positional players it asks you where you want to put them).
Winning bid minus $1 gets taken out of the winning team's maximum bid.
Next player nominates and repeats.
As the draft goes on, you can pull up other people's rosters, see what players they have, what positions they have open, how much money they have available, etc., etc. And the person who set up the draft can pause the draft (up to a maximum cumulative pause time of an hour or so) in case somebody loses their connection, which happens once in a while, or to give people bathroom breaks. The person who set up the draft can also roll back picks or reassign players from one team to another. And, as somebody else mentioned, speed up or slow down the time that people have to bid or the time that they have to nominate someone.
Here's the important thing, though, and I can't emphasize it enough: EVERYBODY in the draft MUST register for THAT DRAFT before it starts. That does not mean that they have to create an account on fantasyauctioneer (although that is also required). They must specifically confirm that they are part of your draft at whatever time. Because if they haven't joined the draft once the draft starts, they cannot join it, period. Now once you've joined the draft, you can connect to it after it's started. And you can join the draft weeks ahead of time. But you can't join it one minute after. I had one football auction where two guys literally missed the cutoff by 30 seconds and there was nothing we could do except give them robo-drafted teams. It sounds a little opaque, I know, but once you create a draft you'll see, X out of Y players have joined this draft and you'll see their names/emails. So you'll know who to bug to register.
There's a reason they won various internet awards, though: it really is good as sin. It only takes 5 minutes to become comfortable with what's going on and it's an amazing draft experience; worth every penny times ten.
0-3 to 4-3. Worst choke in the history of baseball. Enough said.