We have studied the newly found superconductor compound LaO$_{1-x}$F$_x$FeAs through the first-principles density functional theory calculations. We find that the parent compound LaOFeAs is a quasi-2-dimensional antiferromgnetic semimetal with most carriers being electrons and with a magnetic moment of $2.3mu_B$ located around each Fe atom on the Fe-Fe square lattice. Furthermore this is a commensurate antiferromagnetic spin density wave due to the Fermi surface nesting, which is robust against the F-doping. The observed superconduction happens on the Fe-Fe antiferromagnetic layer, suggesting a new superconductivity mechanism, mediated by the spin fluctuations. An abrupt change on the Hall measurement is further predicted for the parent compound LaOFeAs.
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