The port-channel provides both redundancy and bandwidth increase. The load-balancing mechanism is based on source mac address which means that if you have a single machine generating a lot of traffic the port-channel won't help you.
switchr#show etherchannel load-balance
EtherChannel Load-Balancing Configuration:
src-mac
You can change it based on destination however
switch(config)#port-channel load-balance ?
dst-ip Dst IP Addr
dst-mac Dst Mac Addr
src-dst-ip Src XOR Dst IP Addr
src-dst-mac Src XOR Dst Mac Addr
src-ip Src IP Addr
src-mac Src Mac Addr
From a configuration point of view is straight forward - just need 2 similar interfaces with similar configuration
switch(config)# interface type slot / port
switch(config)#switchport !!! I assume you want L2 interface
switch(config)#channel-group channel-number mode on
The rest of the config will be mode to the interface Pox; all the config that you apply on the aggregated interface will be propagated to the physical interface.
Traian