Ok, this is going to be a real time houseplant blogging extravaganza. Excited yet? Heh, it helps that it's going to take months. This afternoon I took a cutting off my largest ficus and put it in a cup of water.

This, my friends, is the first step towards propagating a tree in water. Not too far fetched, I know. Heh. I am going to blog it's progress over the next several months. First though, I'm going to give a quick overview of how I do this whole thing.
Now, I've read a lot of articles, blog posts, etc on the differing ways to propagate a ficus and this is the only method I've used and had work for me. I've tried just plunking a cutting right into the dirt, with and without rooting compound, and it didn't work. I've tried air layering and it didn't work. But rooting them in water has worked every time.
All you have to do is cut off a piece of new growth from your ficus. You want it to not be completely green, but not barky yet. You can kind of tell in this picture.

Heh, plant photography is a bit different than food photography. I've had the best luck with branches that have 4-5 leaves, around 5-6" long. I cut off most of the leaves, leaving the two at the top. Then you just put it cut side down into a cup full of water and put it in bright indirect light. And wait. There's a lot of waiting. But within a couple weeks you'll see little white roots. I'm keeping it in front of a south facing window, next to it's mother.

They get some late afternoon direct sunlight, but not too much. Ficus benjamina don't want too much direct sun, but some isn't bad. If the leaves start looking bleached the tree is getting too much.
You want to change the water every 4-5 days, making sure to be really careful when the roots start coming out to not hurt them. Once you have good roots you just transfer them to a pot. But we'll get to that later. So, that's how you do it. Further updates as events warrant.
Other
ficus benjamina propagation posts:
Part 2,
Part 3,
Part 4