Maybe we can take the advice in this thread and make it a little more practical. I'll assume this is a nl cash home game being played for social reasons.
A player who plays:
Will be playing 65% of his starting hands
If he plays :
That's 50% of his starting hands.
Is 40% of his starting hands
Is about 25% of his starting hands.
If you pay attention to what hands players show down and if you can roughly estimate what percentage of hands they are opening with, you will get an idea of what types of hands your opponents will be playing.
Odds and implied odds.
When on a draw there's an easy way to calculate your pot odds. If you want to know your odds of hitting your draw with 1 card multiply your number of outs (number of cards that will make your hand) by 2. For 2 cards multiply by 4. For instance, with a flush draw you have 9 cards that can improve your hand. So the chances of the next card being of the same suit is about 18% (actually 20.5%) or 4:1. With two cards it would be 36% (36.4% is exact) or about 2:1.
Gut shot draw - 4 outs
Outside Straight draw - 8 outs
Flush draw - 9 outs
Straight flush draw - 15 outs
Your implied odds are trickier to figure out. Implied odds are the money you need to call vs. the money you estimate you can win if you hit your hand. I think it's sufficient to know that in home games your implied odds are quite high (people bet a little and call a lot)
I was planning on writing more but this has ended up long enough and I'm not sure if people care to read much more. Just a few parting thoughts and stats
Some characteristics of a home game:
Players open with a wide range of hands
Players will mostly check and call (or bet and raise small amounts)
They love to play "tricky" (slowplay and bluff)
They will put you on a specific hand
They will offer high implied odds (players will often call to "see what you've got")
Odds of being dealt AA. 220 to 1
Odds of being dealt a pair. 16 to 1
Odds of being dealt AK. 81.9 to 1
Odds if you hold a pair you will flop a set. 7.51 to 1
Odds if you hold no pair you will flop at least 1 pair 2.08 to 1
Odds if you hold 2 suited cards you will flop 2 or more of that suit 7.48 to 1