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The show gets aired in Japan on Thursday night. (Morning/Daytime in the USA)
Then people living in japan record the raw and send it to the net. Once its sent to the net, a English fansub group sub it which usually takes about 5-10 hrs depending on how many dialogues need to be translated in the episode and if there are new opening/ending (special episode takes longer)

So basically it gets released on every Thursday unless its a Japanese Holiday or a break of some sort (specials, etc), Approximately around 4pm-7pm PST (7pm-10pm EST) the torrents are released by the fansub.

Streaming on the main page will be out around late thursday, early friday morning - depending where you live.

EDIT Of 10/4/2008:
If episodes aren't out as expected then its not our fault, its dattebayo. Respect them even if they release the episodes late. They are only group that is currently subbing Naruto for free. If we complain too much then they have the right to stop whenever they feel like it. For us, just don't be douchebags and whine when the episodes will be out. BE PATIENT. The more you complain the longer they will release the episodes

IMPATIENT? Read the manga.