Hi Sarah; paleo is really more of a lifestyle and set of values, as opposed to a diet (like kaplods said).
It has to do with eating whole foods (and specifically avoiding 'agriculture' based products, such as grains, legumes, etc.) and moving every day. It also has to do with paying attention to how YOUR body responds to different foods, and how to create a diet that works for you.
I would absolutely recommend checking out Marks Daily Apple - he is obviously very biased towards paleo principles; but he also talks about current nutritional sciences, offers some interesting recipes, and is highly supportive of doing what you CAN (progressing into more advanced stuff as you go).
Paleo eating tends to be VERY challenging for people who don't usually cook or who aren't familiar with whole foods. That could be a good thing - forcing you into paying attention to what you eat, and providing guidelines of where to start/aim. That can also be a bad thing, if it's SO hard that you just give up.
This is a great time for you to experiment and figure out what makes YOU feel good, healthy, and happy. Your best bet for long-term fat loss, and maintaining a healthy weight, will come from choosing a LIFESTYLE that works, that you can keep up with, and that you can enjoy for the rest of your life. If you choose a crash diet, or any approach that's too extreme for you, you'll eventually just end up right back where you started.
So....short answer: give it a try, and you tell us?!