Pretty much what Robo said.. except like he said not to do I do have a top entrance.. its not so much for ventilation as it is for the bees to get in and out unless I want to go out and dig the snow out of the bottom entrances every fifteen minutes when the wind is howling and blowing the snow about. I use a 2" piece of insulation/foam on top and I do wrap.. verdict is still out on wrapping.. I am not so concerned about moisture on the walls as I am if its dripping down on the bees.. Most of the beeks in this area wrap. Supposedly it allows the bees to move more often to get to stores on days they normally wouldnt...
I have been helping winter hives for about 6 years, and doing my own for the second time... This is how we have done it...
With the bottom entrance reduced, 3" by 5/16 opening. A small 5/16 by 1 inch opening at the top, hive wrapped, and top insulated.
2" spacer on the top box, paper and sugar on the top frames leaving the front 1/4 open. Inner cover with notch (5/16 by 1") down. Foam insulation on top of that, tele cover on top of the insulation and a strap to keep things where they belong in high winds.
A lot of guys will nay say the sugar, the top entrance etc... Their way may VERY well be better, I can only say that 93% of the time when I unwrap a hive in the spring it has worked very well. Sometimes the sugar will be nearly gone, sometimes they have left it almost completely alone. Moisture in the hive turns it into a block of sugar candy... good? Bad? I think it helps absorb some of that moisture, but have read that it "traps" the moisture in the hive... so take it for what its worth. Keep reading the posts, the methods and decide how YOU want to do it...
Last couple of wintering threads were locked due to lack of anger management.. I hope this one fares better. Interested in the responses myself!!!