This is the stuff I use - nitromors to strip and old paint and lacquer from the wheels, rubber gloves to protect you from the nitromors, sandpaper - medium grade up to wet and dry, wire wool, paint, alloy polish (autosol)
1. Stripping the existing paint.
Put the wheel in a big container, and pour nitromors on it. Use an old brush to work it into all the awkward areas. it does take a bit of work, but in the end, you should see someting like this:

When all the paint is bubbling up, I pour a few kettles of boiling water on it to neutralise the paint stripper, and put a board on top of the tub, to let the steam get all round it. For some reason this seems to make the paint much easier to get off. When its done steaming get an old knife and scrape all the paint off, so it looks like this:

2.Painting.
I've tried two ways of painting wheels, and both worked pretty well. The revolutions I did with hammerite and a brush. It took three thin coats, but they really came up well. The hammerite levels out fairly well, leaving a smooth coat. I used the same method with the 100+ ones, because theres no way you could spray them in between all the spokes.

When I did my superlights, I sprayed them using halfords cans. It took 2 cans of colour and 1/2 a can of clear lacquer. Instead of masking them up, I made a circle of aluminum I could swap between each wheel as I painted them:

Each wheel had about 4 coats of paint, then another 3 light coats of lacquer. I only lacquered the paint, because I don't like putting it on the alloy, as it still corrodes under the coating and you have to strip them again.
3. Polishing
Then start bringing the shine back up with the sandpaper. Starting with a medium grade go all over the alloy, then again with the finer grades, until its really starting to shine again. Then I give them a going over with a fine bit of wire wool, which seems to really make them shine. Finally, give them a good polish with autosol. You should end up with something looking like this:

Or this:

Hope that helps. If a mod could make this a sticky, or put it in FAQ's I'd appreciate it, so I don't have to write it again!
