i was reading a how-to on polishing rims so i got off my lazy ass and did my lip. first off is materials-
320,400,600,800,1000,and 2000 grit sandpaper.

i know..
can of aircraft stripper
mothers polishing wax
shop towels
tape
and a trusting helper.( my girlfriend did it for me)
step by step...
first have a helper tape off where you dont want to polish. for me this was the whole rims cause i only wanted to do the lip.
then spray the stripper on it and wait till it bubbles up.
take a piece of cardboard and scrape the old paint off
the go the town with the sandpaper.. going in order from 320-2000. using water when needed.
320----
400
600
800
1000
2000
once your done with the 2000. rinse the rims with a water hose and dry. take the polish and start polishing the rim. ( you will need to do this until the rag is clean, because it will keep getting black on it.)
first polish-
all done with the polish
make sure your helper is up for helping the whole time..

she helped alot tho
put the rim back on.
then you done. repete all steps for other rims.
before
after