Can anyone tell me how to go about registering for this course and how does it work.
What exactly will the course load entail in terms of grading and content.

You need to find a topic to study, get it approved by the associate chair (Lovric), and then find a supervisor who is willing to teach this course to you. It's basically a 1 on 1 course with you and the prof (unless you happen to have a friend who is also willing to take this topic). As the name suggests, it's a reading course into a topic of your choice. The grading and number of meetings would be discussed between you and your supervisor.