To play, you simply get from 2 to 99 squares on the floor (carpet if you're a purist), partition them off, and hold your piece of string tied to a pencil (called a fishing rod if you're a purist) over one of the squares.
Be warned, it can take up to 30 minutes to catch a fish (Those carpet fish are sneaky). However, in version 0.3, you can select an amount of time (from 1 minute to 1 hour) that you would like to "catch a fish".
There are now from 2 to 99 possible carpet locations and ten fish: Marlin, Bass, Trout, Salmon, Flounder, Catfish, Bluegill, Grouper, Cod, and Red Snapper.
Update (0.3.2) : Fish weight is now recorded. Watch for an 0.3.3 update very soon!