Use acetone in a well ventilated place to remove the wax, then the work starts. Keep the acetone away from cleats, plexiglass, ... There are web sites like this
http://www.detailedimage.com/Auto-Detai ... Polishing/ that cover the process. There is not much difference between car and boat except the gelcoat is softer but thicker. I did my 96 X last year with a Porter Cable. It was in bad shape, took too weekends and looks much better now, this year will be a litter easier. The basic steps are:
1. Remove Wax
2. Cut the oxidation (if required)
3. Polish
4. Repeat 2 and 3 until satisfied (use less aggressive pads and polishes with each pass)
5. Wax
6. Stand back with pleasant burn in all your muscles and admire your work.
DanO