This is the most fundamental kettlebell movement. With a lot of "hype" exercises out there for the KB, the basic building blocks tend to get overshadowed. I preach this exercise as the very first KB drill. It builds comfort with the handle and uses one of the simplist motions that the human body can perform.
Begin with light weight (generally 35# for males and 15-25# for females). Pair this exercise up with pushups and/or pullups for a cicuit that includes some of the most basic movements.