No offense, but that is not correct.
1) you submit an application to BATF, which includes fingerprints and a form signed by the senior LEO in your area (usually the County Sheriff)
2) Pass the BATF background check.
3) Pay a one-time fee of $200.
4) Take your BATF approved permit to a class III FFL, and choose a pre-'86 full auto weapon.
Some states that have additional restrictions, or outright prohibitions, but in most states, the above procedure covers it. Also as noted, have at least a 5 figure bank account, as full auto weapons available to civilians (PRE-'86) are extraordinarily expensive.
I had a friend who was a class III FFL, and another friend who followed the above procedure, planning to buy an American 180 ( full auto .22, awesome weapon, check it out if your unfamiliar with it). The entire approval procedure took about 6 weeks, but the buyer ultimately declined the purchase. This was in Ohio.
See the info at this link. Similar info can quickly be found with google.
Is it legal to own or buy a fully automatic firearm? - Yahoo! Answers