I have a TV that the ratio is 1366 X 768 and I need to render out some 16:9 video to it with a few layers of graphics. What is the best way to go about this?

Just render it out as 1280x720 and make sure you keep the graphics within the "safe" area of the screen. You can check this by pressing on a particular button above the preview window.

So I should keep the aspect ratio at 16:9 and just render it out to 1280 X 720?

Yep :) 1280x 720 will cover your screen, like stated above just make sure all your text is with in title safe.

thanks for that - pixel ratio stay the same? Right now I am rendering it out in wmv and also a DVD later...

I am in the process of rendering it now at 1280 X 720 and it looks really stretched left to right on the preview monitor...

Then your preview monitor is set incorrectly. These days you really only have two choices - 1080i/p or 720p (in ATSC anyway). Don't make the fool mistake of rendering to some really odd resolution just because that's the native resolution of your one TV.