Is posv actually running right now?
edit: spelling
+1 this question. Need to know if I should download a copy of rdd-qt client and transfer my coins outta Cryptsy to start some velocity-based earning
No PoSV is not yet started. But PoSV included client is already available to download from the OP.
Proof of Work(PoW) ends around 7pm UTC, 2nd August 2014 at 260799 and Proof of Stake Velocity (PoSV) starts at Block 260799.
To stake and earn coins you need to install new reddcoin qt wallet client. Which can be downloaded from OP post.
You should follow the directions in the reddit post link given in the OP to stake REDDcoin.
For staking you need to have your coins in your encrypted, unlocked wallet which need to be run in your computer.
Read the REDDcoin PoSV White Paper for more details.
/edit corrected.