Its a desert plant. So it likes dry soil barely damp
Aloe is a bit funny to grow- in that it can survive conditions well outside of it's ideal. For example it can survive really dry environments but it actually wants a good supply of water in the warm growing months. By mistake some people would look at this 'desert plant' and assume it would be upset by alot of water but that's not true- it ideally wants it's media to have a regular drenching but the key is that it also wants that water to turn over and never sit as a wet bog. So really, water it like it's a tomato plant or any other thirsty plant, which is wet the media right down but wait until it nearly (not fully) dries out and then drench it again.'
But don't take my word for it, rather than babble my own words i'll post a link and some quotes from a website about how it likes to be grown:
http://www.thegardenhelper.com/aloe~vera.html
Because Aloe Vera plants are very succulent and consist of 95% water, they are
extremely frost tender. If they are grown outdoors in
warm climates, they should be planted in
full sun, or light shade. The soil should be moderately fertile, and fast draining. Established plants will survive a drought quite well, but for the benefit of the plant, water should be provided.
Because of their popularity, Aloe vera plants are available at almost every garden shop or nursery. Unless you live in area with a very mild climate, it's best to leave your Aloe plant in the pot and place it near a window that gets a lot of sun.
You can move the pot outdoors during the summer months.
Aloe Vera is a succulent, and as such, stores a large quantity of water within its leaves and root system. During the winter months, the plant will become somewhat dormant, and utilize very little moisture. (MY EDIT: I live in Australia and even though i'm in winter right now the Aloe
has not gone dormant and is actually growing/reproducing like wild fire. However there is no such thing as 'frost' here and i've never seen it in my life). During this period watering should be minimal. Allow the soil to become completely dry before giving the plant a cup or two of water.
During the summer months,
the soil should be completely soaked, but then be allowed to dry again before re-watering. Aloes have a shallow, spreading root system so when it is time to repot
choose a wide planter, rather than a deep one. Use a planter with a drainage hole, or provide a 1-2 inch layer of gravel in the bottom of the pot to ensure adequate drainage. Use a good commercial potting mix with extra perlite, granite grit, or coarse sand added. You may also use a packaged 'cacti mix' soil.
Fertilize yearly, in the spring with half strength, bloom type fertilizer (10-40-10). (EDIT: they aren't very hungry plants. You don't need a set feeding schedule as such, you can just read the leaves to observe the colour or just top dress every couple months like Hyroot said)
Aloe Vera plants are propagated by removing the offsets which are produced around the base of mature plants, when they are a couple inches tall (or larger). They can also be
grown from seed.