A gyno looks at hundreds of vaginas a year and has probably seen every sort of hair arrangement possible.
As for what happens, there's a few things. You will need to take off your panties and lay on your back, while the gyno will examine the outsides of your vagina AND the insides. She will insert a speculum into your vagina - and a good doctor will warm it up and use lubrication!
She'll take a swap of cells on your cervix to check for cancerous or pre-cancerous problems. You might not feel anything, or you might feel a slight discomfort. She will usually insert one finger before or after this process, feel around, and push on your tummy from the outside to check for other problems.
The whole thing is over quite quickly. Some doctors will also check your breasts for lumps - if yours doesn't offer, it's a good idea to ask them to check...and to teach you how as well!
This is the time to mention any problems. Be honest about your sex life, as this can affect advice she gives you. It's also the time to get on birth control or reevaluate your current birth control if you are sexually active.
It can be a bit emotionally awkward your first time, but physically it shouldn't hurt at all.
Attention: NOTHING on this site may be reproduced in any fashion whatsoever without explicit consent (in writing) of the owner of said material, unless otherwise stated on the page where the content originated. Search engines are free to index and cache our content. Users who post their account names or personal information in their questions have no expectation of privacy beyond that point for anything they disclose. Questions are otherwise considered anonymous to the general public.