Walaykumsalaam Wa Rahmahtullahi Wa Barakatuh.
May Allah bless your effort and concern for the Muslim Youth.
Knowledge is important, you mentioned that you and your friend have no knowledge. What steps are you taking to increase in this field? Do you have any private study program for yourself?
Also with the youth they love paintballing, archery and horse riding. Sports is a fantastic way of keeping them occupied. In addition to that, my wife teaches and she tells me the girls are creative and they love their arts and crafts, they also have a penchant for cooking and baking (not saying that the boys don't enjoy that too LOL).
One thing I have noticed that some of the youth find pleasure in working and helping the elderly. It's really nice to see them sitting with uncles and getting life advice, especially about being dutiful to parents. So helping and supporting charities is a great way for them to see the reality of life.
Getting them doing practical things like putting flat pack furniture together, basic DIY, cooking, etc will get there brain working and these sort of skills are for life.
______________________________________________
Importantly they need to know about their Creator, Allah the Most High. I think if it is possible in getting guest speakers from the duaat and students of knowledge; or even taking a mini bus van full to lectures..... especially youth conferences will be beneficial. Whilst you're building up a relationship with the youth and doing things with them. On the side you need to study your Deen, learn Arabic, research aqeedah/tawheed/shirk/eemaan, learn basics of salaah, etc.
This forum has some great sections in seeking knowledge section and the aqeedah section. Importantly you need to set up a time table where you're doing a little bit of knowledge seeking a every day. My advice the best book to start with if you are a beginner is The Three Fundemental Principles of Islaam by Shaykh ul Islaam Muhammad ibn Abdul Wahhab. This is book is fantastic, the explanation of this book you want are:
Shaykh Saalih bin Fawzaan al-Fawzaan
Shaykh Ubaid ibn Abdullah al-Jaabiree
Shaykh Abdul Aziz bin Baaz (this one is out of print with Hujjah Publications but they told me they are in the process of releasing the second edition)
Shaykh Muhammad ibn Saalih al-Uthaymeen (this is the last one you want to read as it is more in depth)
You can download lectures on this book online and you can get the kids to listen to it as it is a simple book and the explanation are very simple. This will equip you and the youth to even give dawah to non-muslims and protect them from doubts in their religion.
Really good books for Salaah:
An Explanation of The Conditions Pillars & Requirements of Prayer - Muhammad Ibn Abdul Wahaab's monumental & classical work (in the back of this book it has charts for in bullet points for the conditions, pillars and waajibaat of salaah and wudhu. Something to print out and go through regularly in study circles with the kids). Explanation done by Muhammad Amaan Al-Jaamee and ‘Abdul-Muhsin Al-‘Abbaad.
Explanation of the Prophet's Prayer Described Authored by the Illustrious Scholar, Muhammad Naasirud-Deen al-Albaanee
Explanation by Shaykh Muhammad Ibn 'Umar Bazmool. This book is being released in October 2013, the dates not confirmed so look out for this book too.
I pray that Allah al-Mannaan al-Hameed, blesses you in this endeavour solely for seeking His Face and His pleasure. I pray that Allah guides us Allah and keeps us firm upon the straight path and increases our love for Him, ar-Raheem ar-Rahmaan, His Messenger Muhammad, may Allah's peace and blessings be upon him, his family, his companions and all that follow his way in goodness until the Day of Judgement.