Partly correct, except the node isn't something that's created, you run a lightning node just like running a cryptocurrency node.
Some SPV wallets have their own implementation of a "light" lightning client.
To create a channel, the bitcoins will be locked through a special "funding transaction", that involves another node.
After a lightning transaction, the user may choose not to close the channel; the user can use it for more LN payments up to the channel's capacity (funds).
The channel should be closed when the user want to claim his part into on-chain funds.

There's more to that and the info should be available in various sources like for example: The Lightning Network FAQ
And specially from this site: http://lightning.network/how-it-works/ | http://lightning.network/docs/

Lastly, it's getting off-topic, here's some references you might need: https://developer.bitcoin.org/