You are dealt 7 cards, as is the dealer (and every other player, up to 6). Since, in a Paigow deck, there is a single joker in play (Which counts as an Ace, or any card to complete a straight or a flush. It is NOT wild. And yes, this makes it possible to get 5 aces), you should have 4 cards left.
Your goal is to use these 7 cards to make 2 poker hands. A 5 card "high hand" and a 2 card "second high hand" (not low hand). You can use any combination of cards provided that your 5 card hand is always higher than your 2 card hand (ie, if you had a pair of 5's and Aces, you couldnt put the aces as a two card hand. You could, however, put them up if you had another pair, because 2 pair in the high hand is always higher than one pair).
The dealer does the same, based on a set of rules decided by the casino (or, if your playing at the kitchen table, the dealer does as he wishes). If you win both hands, you win. Lose both hands, you lose. Win one, lose one, draw (you'll get these quite a bit). Just remember, as a rule, the dealer always wins draws.
It sounds complicated, but once you play a few hands, its really quite simple.
