I've had good luck with rubbing compond an electric buffer like this one http://www1.shopping.com/xGS-car_buffers~NS-1~linkin_id-3062291,
and plenty of clean terry towels. It does take some time,and lots of buffing. I usally apply 2-3 applications of the rubbing compond. Once the paint feels smooth, and slick again. Then you use a good paste wax.
When my brother and I buffed his XXL buick. We burned out to buffers. But you should have seent he before and after results. 
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oddly obsessed with big scoops on little Mustangs
65 coupe 351w C4 Big Boss 429 hood scoop,8" 3.40 TracLoc.
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[This message has been edited by Fastymz (edited 09-06-2005).]