If the heatsink compound is still fresh (either the heatsink has never been used, or only used for a few hours to a day or so), the thermal compound should be fine. If you removed the heatsink after months or years of use, you should clean it up and replace it. The best way is to use paper towels (or coffee filters, ideally), and rubbing alcohol on both the heatsink surface and processor.
As far as mounting it, the push pins can be a little tricky. After installing a small amount of thermal compound to the top of the processor, gently place the heatsink on top and let it rest there. Roughly align the push pins with the holes in the motherboard, and ensure that the pins and in the locked position (turned in the direction opposite of the arrow, IIRC). Next, push one of the pins firmly into a hole in the motherboard. Then, push in the pin diagonally from it. Finally, finish up with the other two.
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