If you have 2.49b, you're running the penultimate Blender version (the same as me, actually). There's the 2.5 that, last time I checked, is still beta. But if you have 2.49, I might help, a bit...
Blender UV mapping works with 'seams'. What that amounts to, basically, is that you 'cut' along certain edges of the model, to allow the model to be 'unfolded'. Imagine having a paper model of the ship, that you need to somehow unfold to a flat surface. You take a pair of scissors and cut along certain corners/edges.
To do that, you need to apply a UV map to the model. Select your mesh and press F9. that should take you to the 'Editing' menu. If you haven't messed with the interface, the second tab down below should have a button that reads 'UV Texture - new'. Clicky.
Split your main screen into two sub-screens. Convert one of them to a 'UV map' screen, with the drop-up list on the extreme left. You'll get a 2D grid.
Get your cursor in the 3d display screen -where your model is. TAB to go into edit mode. 'u' to get the Unwrapping drop-down. Click 'Unwrap'. Note that only faces that are selected in the 3D view will be unwrapped.
If you haven't defined any seams, you'll get a mess in the 2D 'UV map' screen. That's because you haven't told Blender where to 'cut' the model, and so the poor program tries to turn your mesh into a 2D plane by squishing and scrunching it into a ball of vertices. Not good.
Now it's the time to THINK. This part is the one that takes time. Ages, if your model is complicated.
Think about how your model is built. Think where you should 'cut' so that it unfolds better. Think about your textures. Where textures change, you'll probably (not necessarily, if you know what you're doing, though) want seams.
When you've decided which edges are goin to be seams, select some of them. Ctrl+E on the 3D view to get the Edge drop-down list. 'Mark as Seam'.
If you did it properly, those edges will become bright orange when you're in Edit mode. That means they're gonna get 'cut' when Blender unwraps the model.
Try this: Select the edges that surround a panel of the ship. Mark them as seams. Then, Unwrap.
See how the panel is now a separate 'island' in the 2D view? Ideally, your model should become a number of such 'islands' with as little distortion as possible.
But, seriously. Most UV mapping tutorials on the net (possibly not the Blender site, since they're promoting their new 2.5 toy) are 2.49 tutorials. You'll get better examples, images and strategies for quicker and better unwrapping.
Google is your friend. Don't be afraid to use it.
