In The Elder Scrolls V: Skyrim for the PC, PS3, and Xbox 360, like in the previous versions of the game, you can become a werewolf, also known as lycanthrope. Being a werewolf in Skyrim however has quite a bit more benefits than in previous games, with few weaknesses.
You don’t simply change into a werewolf every night, it is a power called Beast Form which lasts for 2 minutes and 30 seconds and can only be used once per day. If you kill someone while in Beast Form, you can feed on them and gain an additional 30 seconds, making this a pretty decent tool for dungeon crawling.
As a werewolf, you gain extra physical strength even in human form, but slightly less than your werewolf form, and you also have increased speed. You also gain some powers, like Howl of Rage which makes humans and creatures up to level 25 to flee for 30 seconds. Howl of the Pack summons two wolves to fight for you, and Scent of Blood gives you a large Detect Life effect.
Werewolves are extremely sensitive to silver weapons, which werewolf hunters will be equipped with.
To become a werewolf, you just need to join The Companions in Whiterun. Look for a building named Jorrvaskr to the east of Dragonsreach in Whiterun. Go into the basement in that building and speak to Kodlak to start The Companions quest line.
As you progress through the quest line, you’ll come to a quest called The Silver Hand, which will force you to drink the blood of a werewolf in order to proceed.
Note that you can’t progress any further in The Companions quest line without becoming a werewolf.