The Amazon Web Services blog has a good post on how to setup an EBS volume using ElasticFox:

Amazon EBS (Elastic Block Store) – Bring Us Your Data

I do not see a way to schedule snapshots through the UI so, you may have to write a script to accomplish this feat.

Once you have created your EBS volume you still have to mount the new device. First add the following line to /etc/fstab:

/dev/YOUR_DEVICE_NAME  /data  ext3  defaults 0 0

E.g.

/dev/sde  /data  ext3  defaults 0 0

Next, you need to format the device. This is accomplished by executing:

mkfs.ext3 /dev/YOUR_DEVICE_NAME

E.g.

mkfs.ext3 /dev/sde

This post assumes you are using the ext3 filesystem. Next, you need to mount the device. This is done by issuing:

mount -t ext3 /dev/YOUR_DEVICE_NAME /DIRECTORY_TO_MOUNT_IN

E.g.

mount -t ext3 /dev/sde /data

After you mount the device you should be good to go. If possible, reboot your instance to make sure the process mounted properly on a restart.