They believe that we are saved by faith, but that faith is an active faith, not mere intellectual assent. If it were, then in the parable of the rich man, Christ would have answered differently.
True Faith involves:
A) Believing in Christ (Acts 16:31)
B) Repenting of sin (St. Mark 1:15)
C) Receiving Christ (St. John 1:12; 6:54)
D) Being Baptized in Christ (I Peter 3:21; Romans 6:3; Titus 3:5; Acts 2:38)
E) Following Christ (St. Matthew 10:38)
F) Confessing Christ (Romans 10:9-10)
These are things that a person with saving faith does (unless of course they die in the process or something).
They distinguish between initial justification that occurs with baptism and justification that occurs when one dies. Like Catholics, they don't separate the idea of justification with that of sanctification. The process in salvation that may be related well to sanctification is theosis, where one becomes free of sin and in better union with God, not that one is God or is a god, but has a better close relationship with God.
Sacraments are ways that we experience God's grace. Because Baptism is the initial sacrament as a Christian and we all need grace, they baptize both young and old into the faith where there is desire. The young, however, are required to be taught the faith as they are fed and educated in other things by the parents.
Here is part of a little write-up I gave someone else about the Orthodox churches.
Short answer on Orthodoxy: Orthodoxy is like Catholic tradition with a Protestant-like common sense to things like salvation. They are trinitarian, apostolic, philosophical rather than legalistic, sacramental, and sometimes cultural.
Long answer: The Orthodox churches are similar to the Catholic church in that they have the seven sacraments, believe in real presence (though not necessarily as defined as the Catholic Transubstantiation), and follow the same idea of apostolic succession of clergy rather than just teaching. Baptism is symbolic of death and resurrection in Christ and with Chrismation (equivalent to confirmation) the individual is sealed with the Holy Spirit. Confession is more to get something off of your mind and be assured of absolution, and while the priest is the only one that gives absolution, a spiritual mother or father (individual who is mature in the faith) can hear a confession. Marriage is a sacrament done by the husband and wife in the ceremony, but the Catholics say it is something administered by the priest.* Orthodox do baptize infants of faithful Orthodox members who will be brought up in the faith and typically do not re-baptize incoming Protestants (exception: the Coptic Church), but do require that converts understand the doctrines of the Orthodox church prior to being chrismated and then being allowed to receive communion. Orthodox churches do have saints the way that the Catholics do, but they are not always emphasized in the liturgy and an individual can choose to ask saints for intercession or just those fellow Christian there in person. [This is because the body of Christ is not separated from itself.]
They also differ in that they are not governed by a single pope but by a council of patriarchs who head the individual Orthodox churches (Russian, Greek, Etc.), and in that they don't emphasize works with regards to salvation but speak of grace and faith (in this regard, they are more similar to Protestants, or rather Protestants are more similar to them given the historical ecclesiastic divisions). In Orthodoxy, confession is not based on the seven deadly sins but rather sin is just that, sin, missing the mark. In Orthodoxy, there is a concept of theosis, which I think has some similarities to sanctification. It emphasizes the transformation of nature into a sinless one, one that is by grace what God is by nature (which is not to say that we become gods or exactly like God), and in this, we have communion with God. This is based on 2 Pet. 1:4.
The fourth ecumenical council was the Council of Chalcedon, where monophysitism/miaphysitism was rejected. The Assyrian Church of the East is often considered monophysite (one nature in Christ, one form says that the humanity dissolves into a sea of Christ's divinity, this church left at the 3rd ecumenical council). The Oriental Orthodox churches hold to miaphysitism. Miaphysitism says Christ is both divine and human but merged into one nature (the Copts say this separation of them and the Eastern Orthodox was a matter of translation, but the Eastern Orthodox do not accept this). Eastern Orthodox say He has two individual natures in one person. Both Orthodox churches dispute the filoque in the Nicene Creed and say that the Holy Spirit proceeds from the Father, not the Father and the Son, so that the HS and Son are equal in God. The Easterns separated from the Catholics at the 7th council.
One of the most popular prayers in Orthodoxy is the Jesus prayer, something to the effect of "Lord Jesus, Son of God, have mercy on me, a sinner," or simply, "Lord have mercy." They do have different times of fasting and celebrate various feast days. The Didache is influential in the practices and faith of the Orthodox church.
*Approximate understanding.
Here are some good websites:
Orthodox Wikipedia:
http://orthodoxwiki.org/Main_Page
Greek Orthodox (one of the Eastern Orthodox churches) website that discusses the faith and has a lot of helpful into.
http://www.goarch.org/ourfaith/
I know there is a lot more that can be said, and some places where digging up Scripture references may either be helpful or result in a discussion of who interprets correctly and stuff, but hopefully you will forgive the fact that this is intended merely as a light overview of Orthodoxy.