Exposure? Take your meter reading directly from the grey card in the light the subject will be under. Meters are generally calibrated to assume a scene averages out to 18%. Using the grey card will mean that a scene that's very bright(snowscape) or dark (coal bin) will be properly exposed since the meter will not read from and thus try to make the white, or black, grey.
White balance? With a DSLR, photograph your grey card (filling at least the center image circle/all the AF points with it) in any WB setting. In your menu, select Set Custom White Balance, then follow the directions to point to the picture to use for the CWB. Then set your White Balance to CWB, and you're set. Don't forget to change it back when you move out of that light though. IIRC on the PowerShots you just select "Set CWB" and point the camera at your WB target.