For a while, I thought I could get away with any odd kind of rice, It turned out that what I was cooking, though rater nice was not a risotto.
Carnaroli or Arborio rice? (there are others but these 2 are the main types found in Supermarkets). For me it is Carnaroli which is more expensive, but I think that it gives the dish a better texture.
There are many variations on risotto. I discovered one lately, where you add baked butternut-squash and goat cheese, and let me tell you this is a very, very good. But back to base.
Toast lightly the rice in hot olive oil (or butter if you must), add white wine or Vermouth, I have see it done with red wine, the way it is cook in Piedmont where it is called Barolo but for me this is a big No No, when the wine has evaporated,
add the bouillon gradually it is 500ml of liquid for 100g of rice and stir for ever or 15 minutes if you believe the recipes more like double that. Depending on what you will have with your risotto the bouillon is veg / meat or fish. I think it is important to use a good bouillon brand.
When this is done, take off the heat, mix in a little butter (or cream) and Parmesan.
Here are some ideas to experiments with risotto recipes