The steps of molecular cloning (WIKIPEDIA, MOLECULAR CLONING, 2012):
(1) Choice of host organism and cloning vector
(2) Preparation of vector DNA (PCR up TARGET GENE)
(3) Preparation of DNA to be cloned
(4) Creation of recombinant DNA
(5) Introduction of recombinant DNA into host organism
(6) Selection of organisms containing recombinant DNA
(7) Screening for clones with desired DNA inserts and biological properties.
Molecular cloning is used for many reasons including isolating alleles of a gene, isolating homologs and paralongs, creating many coppies of your gene, used as a vector to get inside another organism etc...
Video (with great accent) on molecular cloning HERE!