That compound isn't very efficient though, u'd better get some thermal paste, like arctic silver 5 for better cooling.
As for the application process, check their
website' ">http://www.arcticsilver.com they have a nice guide.
I heard u'll void your warrenty if u change the compound though... I'm not sure about it, check it out
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Desktop:
AMD Athlon XP 2800+ (Barton) @ 200x10.5=2100MHz | Asus A7N8X Deluxe | Corsair 2xCMX512-3200C2PT @ 2.5-3-3-8 | MSI GeForce FX 5600 128MB | Hitachi Deskstar T7K250 160GB SATA II | Antec NeoPower 480W | Creative SoundBlaster X-Fi Fatal1ty
Laptop:
Dell Latitude 120L | Intel Pentium M 740 | OCZ 2x1GB PC2-5400 | Western Digital Scorpio WD1200VE 120GB