Haha gd! Being a native born Filipino, I always laugh when balut is put on those "fear factor" type shows. If they had a vietnamese or filipino as a contestant, they would suck that thing down like jujubees.
Usually, you crack it open, drink the soup with some salt/lemon/spices. Then eat the yolk. The chick is eaten last (or not at all for the squeamish) and has some crunch to it.
I'm serious though, the yellow part tastes just like foie gras.