This is a good time for me to explain this. However you can get more info from the faq forum too.
Valkrynet is a multiplayer engine that comes with the EU2 game. It is much easier than ip address games because this way you just join the lobby and play with who is there.
Once you have the game and load it and the 1.01 patch on your computer. Open up the game and go to multiplayer. You will see a few options, click on valkrynet option. This will take you to the main lobby and you can then click the arrow at top of the page to join a specific lobby. Here you will either be alone meaning no one else is on. Or you will find others like you wanting to play multiplayer. You can chat with them and join or host a game. Its very simple to click on join or host. So long as you all have the same version game you will be fine.
The host sets the game up, once your all ready he clicks start and the game loads and begins. It is that simple and much easier to coordinate games than before with eu1.
Enjoy the new feature, at times it may be down for server updates but be patient and have fun.
Enjoy!