I've always followed something I got from Alton Brown:
1. Start with 1/2" - 3/4" cut of room temperature Ribeye.
2. Put your skillet in the oven and set oven temp to 500 degrees. While that's heating up, prepare your steak:
3. Coat each side in about a TSP of oil. The kind is your preference -- Olive tastes great, but has a lower smoke point, so prepare for smoke. Something like canola or safflower oil will smoke less. You don't need a ton -- just enough to hold the salt and pepper.
4. Put a generous amount of KOSHER salt on each side. Don't go completely overboard, but if you use a little more than you think you should need to, it'll probably be perfect. KOSHER salt is great at making that crust found on the best steaks.
5. Pepper to taste -- I like a pretty good amount.
Note: I sometimes wait to do the second side until the steak's actually on the skillet, since it seems like the salt comes off the first side if you flip it on a plate. This is your preference.
6. When the oven it at full temp, take the skillet out, but leave the oven @ 500. Put the skillet on a steovetop burner on the highest setting for another few minutes. (You may chose to prepare the steak during this time if you like)
7. Place the steak on the skillet for 30 seconds. The sound is glorious.
8. Flip the steak (WITH TONGS, NOT A FORK!), and let the other side sear for another 30 seconds.
9. Flip the steak again and place the skillet in the oven for two minutes
10. Flip the steak and put the skillet back in the oven for another two minutes.
While this is cooking, get out a full size plate and a smaller plate. Place the smaller plate, upside down on the bigger plate.
11. Take the steak off the skillet, place it on the bottom (up side) of the smaller plate, cover it with aluminum foil, and let it rest for 5 minutes (this part is crucial). Any juices that come out should run down the small plate into the bigger plate, rather than staying put -- you don't want the steak resting in its juices, because that'll mess up the crust!
12. While the steak is resting, add some red wine to the skillet and simmer it down with the steak juices until it's thick -- makes a killer sauce!
Cleanup on the skillet is the same as always -- a whole hell of a lot of kosher salt and a paper towel. The kosher salt acts as an abrasive and gets everything clean really easily if the skillet is still warm.
Enjoy -- This makes a perfect medium rare steak for me!