It can actually be a lot simpler than that, I made a timelapse last night with my 60D. I use canon's EOS utility to capture my pictures on intervals, but the image capture program (stock on macs) will do the same thing if you plug your gopro in, go to file>take picture, than itll ask you to either manually take pics or enter in a time interval to take pictures at. if youre on windows im sure theres a program like image capture, like i said it came with my mac. After theyre done google has a free program called picasa for windows and macs that you can open the photos in, go to create movie, and change the transition style to timelapse where itll let you change resolution, frame rate, etc.
hope this helps!