Most of the Game Management Units (GMUs) are over the counter (unlimited), but a number of them are draw only. Some of the limited units only require a couple of preference points, while the better ones are up to 12-14 points. If you haven't already accumulated a good number of points, you probably won't ever draw one of the better ones by now, as they get more popular every year.
That said, there are a lot of elk in the OTC units, you just have to find them! Colorado has a good website where you can look up individual GMUs and get harvest statistics from previous seasons as well as get pretty good ideas of where elk ranges and concentrations are, but the best way to start if you haven't ever been there would probably be to call one of the biologists once you narrow your search down to a general area. The field office numbers are listed on the DOW website.
You'll hear this a lot, but the best advice is to get in shape and start early (like now!)
Here's the link to the DOW website;
http://wildlife.state.co.us To get to the GMU maps, click "maps" on the blue border at the top of the home page, then look for the "MapIt! interactive maps" link about 1/3 of the way down the page. It takes a while to learn, but there's a lot of good info available there.
Be warned though, elk hunting is very addicting, which a lot of folks here will attest to! I'll be going back for my 3rd time this fall. I wish I had started 20 years ago!
By the way, the deadline for entering the draw or getting a preference point is usually aroung the 3rd-4th of April. You can get a preference point without actually entering the draw. They'll charge you for the cost of a NR cow tag ($251 on 2009) and refund all but a small handling fee.
You'll get lots more info as more folks post here. Good luck!