I totally support second floor's suggestions. I think he's absolutely right about the process if you are targeting at gaining more knowledge and insights into FRM to prepare for next year's study. However my suggestion is to start with Schweser Notes.
I am in the exact situation as you are right now. I have asked people who have experiences studying and passing FRM or CFA, they all recommended me to start with the Schweser Notes directly and skip the handbook. However the problem is both the notes and handbook will get updated for 2009 exam. So what I'll do is to read the Schweser Notes 2008 as a start point and wait till next year's materials out. I think the basics should be the same year over year. Reading this year's stuff helps us to get a taste of what we are getting into.
You can easily download Schweser Notes 2008 from our pinggu.org bbs. A lot of generous people are sharing their notes with us.