I've owned numerous red and black Porsches over the years. My current Box S is black. Do yourself a big favor a purchase the Porter-Cable 7424 (as jwade mentioned). Watch the video and take your time; the results are far superior to what you could ever do by hand. With the right polish and wax, the car will glow with color and depth.
Just like beer, everyone has their favorite products.
Go to
www.carcareonline.com or
www.autopia-carcare.com - watch the tutorials and read about the different products.