Update: The tournament on August 19th will cost $10 and will include two booster packs. I will find out if subsequent tournaments will be free.
Every Friday, The Last Word, at 230 East W.T. Harris Boulevard, holds Magic: The Gathering Tournaments. They will start at 7pm and you must be in the store by 6:30pm to register.
The format will be:
August 5th: Extended (Type 1.5)
August 12th: Standard (Type 2)
August 19th: Magic 2012 Sealed Booster Draft
August 26th: Standard (Type 2)
Here I will confess that I have no idea what anything I just typed means. But when I was at the store I took a picture of a sign that has even more information. Click on it for a closer look. I hope it helps!