I am not a PI, but I have worked with my PI for hiring undergrads before. For us, undergrad research is a paid position (~$10/hr, 20hr/wk). Most of our undergrads are hired with a 2yr commitment and the understanding that they will probably leave for med school (or grad school) after graduation. Here are some of the do's and dont's we go by:
DO:
-have good grades
-know how to handle a conversation and be personable (talk about skiing, football, baseball, whatever)
-have a genuine interest in research
-be able to express your ultimate goals (research? PhD? Med? Patent Law?) and how research relates to them (not just a resume-filler).
-have an understanding of the types of assays you will perform in the lab
-have a general understanding of the lab's research
-be able to talk about examples that show how you're responsible, have good time management, and organizational skills.
-be semi-professional. You don't need a full suit or tux, but definitely wear a dress shirt + slacks + tie or equivalent. Shave, do your hair, etc.
-let them know you are a well-rounded, sociable person. I'm sure you have other interests outside of medicine and research.
Do NOT:
-do not pretend that you are an "expert" on western blots or any procedure because you learned about them in lecture.
-do not offer to show your boobs/tatas/goodies/twins if you get the job (has happened)
-do not let them think you are "lazy" or inefficient or that you don't care
-do not let them think you are a party animal or have substance abuse problems
-do not overstate your resume (e.g. "my job at Abercrappy and Fitch tought me leadership skills and the importance of work ethic." NO).