I use a Parker SR1 ($15), which is a shavette ( like a strait razor, but uses disposable blades like a DE) and just regular shaving cream. I use Shark Super Stainless blades. Finish up with Nivea aftershave balm for men.
The preshave routine is the most important part. I put shaving cream on before I get in the shower because it stands up the cuticles (scales) of the hair, aiding in water absorption. Wet hair is softer, so it's easier to cut. Get out of the shower, reapply shaving cream, 1 pass with the grain, splash with cold water, reapply cream, 1 pass against the grain, splash with cold water. (cold water prevents/stops bleeding because it constricts the blood vessels) I always shave with cold water for this reason. Apply minimal pressure, just enough to wipe the lather off of your face. Hold blade at 15 degree angle.
I have used preshave balm from The Art of Shaving, but determined that it doesn't create any additional benefit. Its just a $20 bottle of vegtable oils with fragrance added.
I learned how to shave from blade and badger, mentioned above. I recommend it to anyone who wants to learn more. You dont need any of the fancy stuff, just need to know what you're doing and the science of shaving.