There are two basic ways to do a stsanding roast - one is the low temp roast method (low and slow) and the other is a sear method. My favorite way to do it is the sear method.
To start with you need a good cut of meat, in addition to the usual good fat distribution make sure you pick a piece that is proportioned well. You want one that looks kind of square, so it cooks evenly.
This part is optional: Cut along the ribs until you get to the back bone, i.e. don't cut the meat all the way off. You can then season there with some salt(sparingly), pepper, herb (I like fresh thyme, but some like rosemary). Tie the meat back to the bone in between the ribs.
Preheat oven well to 500F. While that is going on, either render some beef or pork fat. You can get it from the roast or buy it separately, or use clarified butter. Dry the meat off and rub it all over with some garlic cloves, lightly crushed. You can also salt (kosher) and sprinkle with herbs - note do not leave garlic pieces on the meat - just rub it all over.
Roast the meat in the oven for 20-30 minutes. Baste with rendered fat or butter. Turn the heat down to 350. Roast about 15 minutes per pound with basting every 20-30 minutes until desired doneness on the thermometer; 115 for rare, 120 for medium rare. Let rest for 20 minutes loosely covered with foil.
This is from memory, I'll check my
Theory and Practice of Good Cooking by James Beard - the Bible of cooking IMHO, to make sure I've got it right.
From my experience you will get little juice to make a gravy with, mostly just fat. I use that fat to make a roux and then some gravy using separate beef stock. You can cook some mushrooms with garlic and shallots, served separately or deglaze the pan with some red wine and add that to the gravy for a mushroom gravy.
I
always serve this with Yorkshire pudding (which isn't pudding at all) made with some of the fat from the roast. If you're going to make that, make sure that it comes out of the oven at serving time - it's like a souffle - it puffs up nice, but wilts afterward. Let me know if you want the recipe for that.
Another thing that goes really well is a potato gratin made with mixed herbs and goat cheese, or made with wild mushrooms and gruyere.