OK, I'll try to document how I do it. I wont pretend to understand how it works, I'm a little shaky in electrical theory and downright inept when it comes to chemistry, but it is explained in detail in a lot of the information available in cyberspace. This link will take you to a google search page:
http://www.google.com/search?sourceid=navc...ectrolytic+rustEquipment:Plastic bucket 
I have recently switched to a 12 gallon container, but for years I have used a 5 gallon bucket. The 5 gal wasnt quite big enough to get a hoodstand into. You can put one end in and zap it and later turn it over and do the other end, but obviously it takes twice as long.
Power Supply 
I use a generic 12 v power supply that I had lying around, but you could use a manual battery charger as well (an automtic one probably wont work).
Washing Soda 
Arm and Hammer is available in most (but not all) supermarkets. Its normally in the laundry soap department.
Sacrificial Electrode This needs to be a piece of ferrous steel. I have used a couple of sticks of rebar for this, but have recently found that the more area the piece has the better. You could use a piece of sheet metal or steel plate for this.
Set upUse about a cup of washing soda to 5 gals of water. Put it in the bucket then fill the bucket up trying to mix the powder in. The ratio isnt critical, not enough soda and it wont conduct, dont know what happens if the mix is too strong. I dont think it matters. I have heard of people putting lye in the mix as well to help with paint removal. I've never tried this, and I like to be able to touch the parts without my hands falling off.
Put the sacrificial electrode in one side of the bucket. Some of it should stick out of the water so you can hook it to the POSITIVE side of the power supply.
Hang the piece to be treated in the other side of the bucket. It should not touch the sides or bottom of the bucket, and it should not touch the sacrificial electrode.
It needs a good connection to the NEGATIVE side of the power supply. I usually sand a shiny spot on the part to get a good connection. I use an alligator clip on the power supply to connect to the part. I also have an automotive stop light bulb in the -ve line so I can see that current is flowing (if it doesnt light up, usually there is a bad connection somewhere). The bulb also increases the current flowing in the circuit and speeds things up. When you switch on the power the part will start to "fizz"

Thats it! Every couple of hours I usually pull the part out, give it a quick wire brush, hose it off with a garden hose and put it back in. As the part gets cleaner it will fizz more and more (and the lamp will glow brighter and brighter). The sample piece in the photo's was done after 4 hours, but I have left stuff in the tank for a couple of days before I was happy with it.
Here is a series of pictures showing a part getting cleaned:
I started with a head shroud off a Tecumseh engine.


After 2 hours:


You notice the rust on the part starts to change from orange to black. I dont think the mixture is removing the paint, it's loosening up the rust underneath the paint, so the paint flakes off.
After 4 hours:


No more orange, its all been turned to black
After a quick trip to the wire wheel on the grinder:


Ready for some hammering, sanding, primer and paint.
Im sure I've forgotten something here, let me know what it is...