[TekDragon]

1) Get a good cut of steak. Prime rib steak always goes over well for me.
2) Rarity is how you like it. Nothing more than medium rare. Personally, I love mine between blue and rare.
3) Rub down with salt and fresh cracked pepper. Don't over do it, just enough to coat it and help the natural flavours come through.
4) On the BBQ, on the stove, or in the oven. It's your choice. I prefer the BBQ myself. Pan sear, however, is great. The trick for doing a great steak is patience. If you're doing it in the pan, little bit of oil. Hot pan, cold oil, then toss in that steak. You want it to cook hot fast and have a nice "crust" on the outside. Just watch it if you finish in the oven, you don't want it to overcook on you.
5) A small dollop of cold butter on top to melt and give a bit of that extra flavour.