They require all applicants to apply online. They'll want a resume and cover letter. Each position must be individually applied for. If they want you to interview (over the phone or in-store), they'll call. If you were passed up, you'll get an email when the position has been filled.
Having been interviewed for several positions at Lowe's, I can say that every interview is mostly the same. Half of the interview is done by HR and the other by either the ASM heading the department or, less commonly, the store manager. They will ask about fifteen or so "Tell me about a time when..." questions. It will typically last 30-45 minutes, depending on if you were interviewed by both managers together or separately.
For me, the whole process from start to finish was extremely long. The store didn't currently have an HR manager, so the positions were posted by the store manager and interviews were coordinated by the HR from another store. After several weeks, I was called to schedule my first interview (over the phone) for the next morning. The HR manager called two days late and said there was a scheduling mishap. She seemed very nice, though, and was happy to answer any questions about the position and employee benefits.
She was also very transparent about the interview process. Every question would be scored and the applicant with the highest total score would be offered the position. I've heard from current associates that applicants have beat out others by a tenth of a point, so this point system may actually heavily influence who gets an offer and who doesn't. Also, they are looking for specific examples in your answers. They don't have to exactly correspond to the position you're seeking, as you can give examples from school or other life experience, but I assume you might score higher if you do. First, fully describe the situation. Then, clearly list all the actions taken. Finally, explain the outcome.
My second interview was with the Assistant Store Manager over the department I was applying for. It was scheduled for the next day. I had arrived early, but the interview started about five minutes past because he was still interviewing another candidate. I had worked for the interviewer before, so it was pretty casual and to-the-point. As with the first interview, if I needed a minute to answer a question, we could skip it and come back to it. If I needed clarification, they gave examples or reworded the question.
About a week later, I was given a verbal offer.