The vacuum energy for a free field is the ground state energy of each field oscillator, ${1\over 2} \omega$, summed over all the modes. For a cubic periodic box of side-length L, you get
$$\sum_k {1\over 2} \sqrt{k^2+m^2}$$
Where the sum is all k's in an infinite size 3d cubic lattice where each k component is an integer multiple of $2\pi\over L$. When you make L big, this makes the k-lattice continuous, and the sum turns into an integral:
$$({L\over 2\pi})^3 \int \sqrt{k^2+m^2} d^3k $$
If you put a cutoff $\Lambda$, the result diverges as
$$ E\propto V \Lambda^4 $$
so that the energy density is proportional to the fourth power of the momentum cutoff. This integral reproduces the dimensional expectation when $\Lambda$ is the Planck length.
For interacting field theories, the vacuum energy is the sum of all vacuum loop Feynman diagrams. In the free case, the loop is just a single propagator joined to itself (this is a very degenerate Feynman diagram). The sign of Fermion and Boson loops are opposite, and Fermionic oscillators with the most natural definition of energy give an opposite sign vacuum energy in each oscillator. In a supersymmetric theory, when the Hamiltonian is presented in the form that preserves supersymmetry, the vacuum energy is zero. This is the only principle that we know today that can control the cosmological constant.
the problem is that SUSY is broken in our world at a cutoff scale of about a Tev, so the cancellations in SUSY are not exact. This means that the residual non-SUSY vacuum energy has to cancel from the scale of the Higgs (at least) to the scale of the observed cosmological constant, which is many orders of magnitude smaller.
You can't just get rid of vacuum energy by a natural statement that the vacuum has zero energy, because the vacuum in QCD (and in the Higgs mechanism) is full of crud. There is a pion condensate, a gluon condensate, and a Higgs condesate at the very least, and if you make everything cancel for our exact values of the masses of the quarks and leptons, if you change the mass of the quark, the condensate energy density changes in extremely complicated ways, so that the subtraction constant must be tuned to a magical value with no dynamical explanation.
Weinberg suggested that this is an anthropic accident--- that we need to have a low cosmological constant to evolve intelligent life. This predicts that the cosmological constant should be of the exact same order as the density of matter today, after life has evolved, but no lower, since it doesn't need to be any lower. This is what is observed, so Weinberg might be right, and there might be no explanation for the cosmological constant.
If Weinberg is right, the string vacuum that describes our universe will be very special--- it will be a non-supersymmetric vacuum with an accidentally small cosmological constant. If this is an accident with no rhyme or reason, then it will be very useful in picking out the right vacuum. We'll know we have it when it produces the right cosmological constant.