Saying the Azaan holds great benefits and reward as mentioned in the Ahadith.

1) The Prophet of Allah has said, "I went to paradise and saw domes of pearl and its dirt is of musk." He said, "Oh Gabrial, who is this for?" He replied, "This if for your ummah's Muazzin (one who says the Azaan) and Imams." [Rawahu Abu Ya'la Fee Musnad]

2) The one who says Azaan for Sawaab is like that martyred who is drenched in blood and when he will die insects will not come on in his body. [Rawahut Tabrani]

3) If people knew how much reward there was in Azaan then swords would be used amongst them [to say it]. (Rawahu Ahmad)

4) The duaa between Azaan and Iqamah is not rejected. [Abu Daood & Tirmizi]

How to say Azaan

5) Stand outside the mosque in a high place facing the qibla with your fingers in the hole of the ears or with hands on your ears, reciting the following words:

.

6) In the Azaan of Fajr, after add

7) During azaan and iqama, turn your face to the right on and and on to your left.

8) Read the folloing duaa after Azaan with durood (Salah) in the beginning and in the end:

 

Iqamah (Takbeer):

9) Iqamah is similar to azaan with a little difference. After say

During Iqama do not put your fingers in your ears and do not not put your hands on your ears, say the iqama with a lower voice compared to the azaan but not so low that the people there can not hear, say the words of Iqamah without pauses like in Azaan.

To stand at the beginning of Iqama is Makrooh

10) During iqama all people present, Imam and Muqtadee, should be sitting. When the Mukabbir (one who says the Iqama) reaches everybody should stand up while standing up before this is against the Sunnah. Imam Mohammed (D. 189 Hijri), student of Imam-e-Azam Abu Hanifa (Radi-Allahu anhu) & teacher of the teacher of Imam Bukhari writes in his famous book of hadith, Muta Shareef,
"When the Muazzin says it is mustahab for the people to stand for salaah, get into saf, straighten the saf, and be shoulder to shoulder. This is the fatwa (verdict) of (Imam-e-Azam) Abu Hanifa Rahmatu-llahi alaih." [Muatta Sharif P. 68]

11) Some people would stand before during iqama. Prophet of Allah said, "Do not stand up until you see me. " (Bukhari)

12) It is Makrooh to stand and wait at the time of iqama instead one should sit-down and stand when the muazzin says [Raddul Muhtar V. 2 P. 71 & Fatawa Alamgiri V. 1 P.57]

The Answer to Azaan and Iqama

13) When azaan is being said one should listen very attentively, answering the azaan. At that time, one is not allowed to talk, to say salaam, or to answer to a salaam. Even if some one is reading the Holy Quran they too are ordered to stop and answer the azaan.
In the Ahadith the following benefits have been mentioned
In exchange of every Kalima, Allah writes 100,000 goodnesses [in your record of deeds], upgrades you by 1,000 grades and removes 1,000 of your sins. [Ibn-e-Asakar]

14) In Tabrani it is stated for exchange of every kalima one will be upgraded by one million grades.

15) It is enough for a misfortune and misery of a mumin that when he hears the muazzin say the takbeer and does not answer it.

16) When the muazzin says azan, whoever says the same [words], when he says or
they answer , they will enter paradise [Muslim]

17) In reply to , one should say and to answer one should say

In Azaan, it is Mustahab to kiss the thumbs and the index finger upon the name of the Prophet

19) When the Muazzin says , read this durood , kiss the thumbs and put them over the eyes then say for whoever says this The Holy Prophet will be his leader in Jannah. (Raddul-Muhtar written by Khatim-ul-Muqiqeen Allama Ibn Abideen Shami Rahmatullahi alaih, V.2 P.68)

20) The Holy Prophet, "Whoever kissed the nails of both his thumbs upon hearing I am his leader and I will get him into the saf of Jannah.

21) Imam Dailmi quotes this hadith of Sayedunna Abu Bakr Siddiq (Radi allahu anhu), "When Sayeduna Abu Bakr Siddique (Radhiallahu Taala Anhu) heard the muazzin say he read and kissed the segmented part of the fingers of shahadah from the inside and placed them on his eyes. Upon this the Beloved Prophet of Allah said,"Whoever does like my friend has done, for him my intercession (Shafa'ah) well become halal.