There are various sharpening methods available. Rather than reinvent the wheel, I will just provide some links to some good information that already has been gathered by others:

Links:

• Museum of Woodworking Tools - A guide to Honing and Sharpening
• Ron Hock’s Sharpening Notes - Traditional sharpening from Hock Tools, providers of world famous HOCK blades. He also lists additional recommended reading.
• Scary Sharp ^TM - Sharpening using abrasives and lapping plates (original rec.woodworking post).

Recommended Reading:

• The Complete Guide to Sharpening - Leonard Lee (Companion DVD also available.)