Just in case you didn't hear, the MLS reinstated the Reserve League last season as part of the new collective bargaining agreement signed between the league and the player's union. If you'd like to check out all the rules and regulations associated with the Reserve League, you can enjoy them here.
Here are the basics. The Reserve League is broken up in to three conferences, based on regional alignment (to limit travel). The Dynamo are in the Central Division and will play each of their conference opponents twice, once home and once away. The clubs are permitted to schedule exhibition matches for their reserve sides against non-MLS opponents, in addition to their league schedule.
Here is the Dynamo's 2012 Reserve League schedule:
(date/time/venues subject to change, all times local)
3/13 Colorado Rapids - 10:00am - HASP
3/27 @ Sporting Kansas City - 7:30pm - LIVEStrong Sporting Park
4/10 @ FC Dallas - 7:30pm - FC Dallas Stadium
4/16 @ Chicago Fire - Toyota Park Practice Field
5/23 @ Colorado Rapids - 11:00pm - DSG Park Field 20
6/16 FC Dallas - 6:30pm - BBVA Compass Stadium
7/10 @ Real Salt Lake - 11:00am - RSL Training Field
8/14 Sporting Kansas City - 10:00am - HASP
9/7 Real Salt Lake - 10:00am - HASP
9/10 Chicago Fire - 10:00am - HASP