My school has an MD "with recognition in research" program that you can apply for in the middle of your 1st year. 6 months of research are requuired to complete the program. It allows you to do 3 months in the summer b/w 1st and 2nd year and the rest is typically done as a 3 month elective in 4th year. However, I lucked out and found time during 2nd year -- I did ~4hours/day x 3 days/week x 3-4 months after class. Granted, this may take away study time in 2nd year, but I don't think juggling both was difficult if you can time manage properly (I still had plenty of time for basketball, golf, and clubs).
After completing this project, I made many connections and that allowed me to pick up another project in my 3rd year. I was lucky enough to be able to do some of that stuff in my 3rd year as well.
Honestly, the research is the easiest part. It is the grants, funding, and acceptance from review committees that is the hardest part. Once you get past that the only other obstacle is getting published, which is VERY important in the derm application process (along with the many other aspects they look for).
In the end, if you are a 1st year, I would recommend that you find someone in your home program and introduce yourself. If you have a project in mind, this is very nice too. But just making the connections early on is key. If your school doesn't have a derm dept., try doing applicable research with another dept (i.e. find some plastics people and do a basic science project on wound healing or find an ID doc and do a clinical study looking at viral infections inducing rashes in the winter time -- come up with something that needs to be answered, will help you and will help the person with whom you do research).
Good luck.
