First assume the position, bong in hand, stem in the bong, packed bowl. I always light and work the carb/stem with my right hand, obviously this may vary from individual to individual. Do whatever is comfortable for you.

step one: apply flame to the bowl (note, it's always good karma to just light a side of the bowl, and leave some greens for the rest of the circle (assuming circle for this post) rather than lighting the whole damn thing.)

step two: mouth firmly to the pipe begin a nice pull that will fill the chamber of the bong (varies from bong to bong, (to bong to bong))

Step three: when the chamber is full of smoke and you're nearing the end of your inhalation, pull out the the stem and finish inhaling strongly to clear the chamber (another karma point, don't leave your leftover stale smoke in the chamber. always clear your plate)

Step four: pass the bong, exhale when appropriate...