Go buy the book "Teach Your Child To Read in 100 Easy Lessons". It is a workbook styled book. You can pick up a copy online at Amazon for under $12 or a brand new one at Barnes & Noble for about $20.
It is step by step (literally- it tells you what words to say) teaching your child to read. It is exactly what the name implies. One lesson per day, 100 days.
I did it with both my children. We did it about 5 days per week, and each lesson took us about 30 minutes. The time is dependent on your child. The lessons earlier in the book are much shorter (15-20 minutes)... by the end of the lessons (lesson 85 or so for example) they are reading a full page of print, so it takes a little longer.
My daughter started at 3 1/2 and was done by her 4th birthday. Reading easily, most chapter books.. WAY ahead of her peers. She brought me the book daily and requested her reading lessons, and sometimes we did 2 a day.
My son started about 3 months before his 4th birthday and finished about a month into K4. He also was well ahead of his peers in his reading abilities.
Beyond this book.. just take them outside and talk to them about the world!
Best wishes to you and don't STRESS...
Oh.. and the book doesn't teach "word recognition" at all. It teaches them how to READ: Sounding out the combinations of letters so that they can read words they have never SEEN before. AND it teaches them comprehension right along with it!