Usually portions of her anatomy go through stages of undress. This isn't always the parts you might think of first. The mouth is always a good place to start, as are the feet and ankles. Of course the more obvious parts find their way in as well. I've always been a sucker for a good smile.
Next is pretty much her mode of dress. Does she look easy? Does she look like the naughty librarian? Is she a cop?
Next comes the touching, kissing, feeling, general physical investigation, in the imagination of course. Now it's important to remember the particular anatomy that was mentioned previously, because this fantasy phase will follow a similar set of prefrences.
Since each woman reacts differently to the sexual acts, not to forget foreplay, it's interesting.
Of course, all this is a little different for each guy. I have my preferences which friends have turned up an eyebrow to.
The difference between the sex drives of a man and a woman are akin to shooting a bullet and throwing it. If a woman were suddenly and without notice given the sex drive of a man, she'd be out of control. Some men learn to control it better than others, but it's something we learn to live with or go to jail.
The only reason men think about sex every 6 seconds is that little mental undressing and sexual fantasy take about 5.
I don't know why variety is good, but it is, and that's what the downfall of most men is. Challenge? Conquest? Cliche I know but true nonetheless. For many, reading the menu is quite enough.
What to guard against? That the fantasy is actually attainable I guess. Balance that with the consequences and then some warped sense of odds, risk management. I know this is harsh, oversimplified and maybe too extreme for most folks. Tough. You learn to live with it. Hell, I still think of my wife like that.