you should look into a random orbit polisher like the porter cable 7424 or 7336.
they are basically the same machine. i got the 7336 @ Lowes for 100 bucks. i then got a pad kit from sonus (
www.autogeek.net) for like 50 bucks. in my opinion it is the best 150 ive ever spent. check out the forums at detailcity.com and
autopia.com. i have a performance red 00 gt, light oxidation, minor scratches, scuffs and swirlmarks, water spots also. i attempted to fix these problems by hand, with alot of effort and good polishes. i did the following steps:
wash-clay-wash-dry-Menzerna final polish-Klasse all in one-wolfgang sealant
the results were ok, car looked alot better but most of the paint problems were still there. through reading the aformentioned forums i decided to drop the 150 and give it a shot. i followed the same steps and i saw IMMEDIATE 100% results after the polishing step using menzerna and a green pad. i was extremely impressed at how big of a difference the machine made. it just kept getting better after the klasse then wolfgang. read the forums on those sites. if you dont want to go that route, and want to do it by hand, scratch x is a good product, just follow with a good wax or sealant. if you want old school, Meguiars #16 is awesome (
www.autogeek.net). hope this helps