Like Margaret said it's not very common these days. Older generations used it more frequently. I could be wrong, but I think it was used more in southern dialects. Kind of like our use of the word "y'all", it's very common to hear it in the southern states in the United States, but no so much the farther north you go.
I think the best way to think of reckon is to think of it as "I guess".
I reckon I should do something.= I guess I should do something.
It would also be common to hear oughta in place of the should in the example; I reckon I oughta do something.
It's not really the correct way of speaking, but it's part of the southern/old timer dialect.