Wet Sanding Clear Coat

First off make sure you have a thick enough clearcoat for this.

I at least use 3+ coats, I first start off using 1500 grit, then I use 2000 grit to sand down runs and orange peal.
Once the area is smooth and level (but will be like a chalkboard finish). Then that's where I start buffing. Start with a courser compound then work your way up to a finer polish.

Here's a thread on this:
http://www.forabodiesonly.com/mopar/showthread.php?t=195981

and:
http://autobodystore.com/forum/showthread.php?6228-clearcoat-sanding-and-polishing-what-went-wrong

Again I'm not an expert but I am proficient at this as I've painted several motorcycles before. I always used automotive grade urethane enamel on them, not cheap Duplicolor rattlecans (my friend did this once with disastrous results, tried to warn him).