How to tell what length of chain to get?
If your old chain was 114 links (assuming it was the right size to begin with) then it's a good idea to take a couple of links out of it. It'll still work with two extra links but shifting may not be optimal and the chain will fall off more easily. Keep in mind that one chain link is composed of an inner and outer link, so a link is actually two pieces with a hinge in the center. This means that to remove two links, you'll actually remove four pieces of chain with three hinge points. 

If the old chain was 116 links and you're trying to replace it with a 114 link chain, you'll run into problems. A chain that is too short can jam when shifting and puts puts too much strain on your rear derailleur. 

To determine the correct length, wrap your chain around largest chain ring in the front and the largest rear sprocket, without running it through the derailleurs. Make sure that the chain is long enough for one full link (again, inner and outer) to overlap and you'll probably be spot on. 

You can read more about it here: http://sheldonbrown.com/derailer-adjustment.html#chain