Through Holy Baptism we become children of God and are made members of Christ's body, the Church, and the inheritors of His kingdom.
During the service, a priest or deacon will either immerse or pour consecrated water upon the individual being baptized saying, "I baptize you in the Name of the Father, and of the Son, and of the Holy Spirit. Amen." This is the "outward and visible" sign of the Sacrament of Baptism. The "inward and spiritual grace" is the "union with Christ in his death and resurrection, birth into God's family the Church, forgiveness of sins, and new life in the Holy Spirit." (BCP pg. 858)
It's not a one-way street, however. We arer required to "renounce Satan, repent of our sins, and accept Jesus as our Lord and Savior." (BCP pg.858)
The Episcopal Church does baptize infants, unlike some other Protestant denominations.