We're getting fresh milk right out of the cow from our neighbor. How do we prepare it to be drank?!

You can bring it almost to the boil (pasteurizing) then you turn off the heat, that should kill any thing harmful in it. allow to cool a little then strain into clean dry containers for the fridge.

A lot of the food safety issues can be answered by finding out if your neighbor's cow is milked in a milking parlor [i.e., milking machine with tubes running into cool-down tank, a closed system] or by hand in an open system. Clean is the watchword, and any old neighbor with any old cow [a hobby farmer rather than a pro] you'll need to boil the bejeezus out of the milk - look up on Google how to pasteurize small batches. Otherwise, just use the milk for slopping a hobby pig or make cheese out of it. Fresh 'raw' milk sounds loverly around a kumbayah campfire, but in reality it's nothing to mess with unless you do some smart stuff before using.

Childhood pals got undulant fever from old-line backyard cow's milk, they taught me a thing or two about commonsense handling of fresh milk. The more you know the less risk you run with your family's health. Just barnyard dirt & bacilli [cow-poop etc.] is enuf to give you a lifetime of woe.