When you remove the drain plug, let it drop into the top of the recycling container. There's a screen on top that will keep it from dropping into the muck.
Let all of the oil drain out, then replace the drain plug, tightening it to your cars torque specifications (or "snug but not too hard" if you are sans torque wrench.)
Put the cap on the oil recycling container so you can drop it off at a location that accepts used oil -- most full service gas stations accept it.
