Sexing guppies is relatively easy. Generally speaking, the males have much longer, ornate and colorful finnage, whereas the females tend to have smaller fins and not as much color. Of course, a more sure fire method of sexing guppies is to examine their anal/ventral fin. As is true with most common livebearers, the ventral fin on the male is formed into a pointed device called the gonopodium, a stick-like modified anal fin, which is used for depositing sperm. The female's fin is larger and rounded in order to aid in sperm reception.
also see...
http://guppyplace.tripod.com/Anatomy.html