Compost tea is a deep and wide topic, but a few brief pointers:
Probably best not to use fresh, because of the bacteria.
If you don't force air into the water, after a couple days it will get very anaerobic and stinky. So, use it within a day, or do what some people do and make an aerator using an aquarium pump.
Store bought compost or manure will work for this, although fresh, biologically active home made compost is probably the best.
See the Sticky thread at the top called Aerated Compost Tea and you'll learn all kinds of stuff about compost tea.