I found a great article today on creating Sales Processes with Workflow in CRM 4.0. Unfortunately in my experience the workflow engine is pretty finicky, especially when it comes to using Stages. A lot of times it hangs on the wait timers.
http://www.bizitpro.com/weblog/entry/microsoft_crm_40_workflow_stage_example_upgraded_from_crm_30/
UPDATE: Microsoft has released a hotfix to fix the wait timer issue:
http://support.microsoft.com/?kbid=951919
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