In this convo we will discuss the millennial reign of Christ.
The three classic views of the millennial reign of Christ are Premillennialism, Amillennialism, and Postmillennialism. (premill, amill, postmill)
The primary scripture associated with this topic is the first part of Revelation 20, though all three positions would cite passages throughout the cannon of scripture to bolster their position.
To see what each position believes the wikipedia article is not too bad and can be found at: http://en.wikipedia.org/wiki/Millennialism
I'll let you do the research on the positions, and we can hash it out in the comments.
My Position: Amillennial. We currently live under the Lordship of Christ in His millennial reign. At the end of this age Satan will be loosed, a time of great wickedness will occur, then Christ will return. Immediately the White Throne Judgement will commence.