Take a close grip on the bar, an index finger on the
smooth part of the bar is a grip that is generally
close enough.  Going closer tends to place the wrists
at a stressful angle and limits the amount of weight
that can be used.

Lower the bar while keeping your
elbows tucked close to your sides.  Do not allow them
to flare out as this brings the chest into play.
Press the bar up in a straight line.

VARIATIONS
Variations of this exercise would be
board presses (performing the exercise with a board on your chest to cut the range of motion this exercise will be demonstrated on another portion of this domain.)
The advantages to the board press would be:
* Since you are not doing the most difficult part of the lift more weight can be used
* There will be less stimulation of the shoulders making this movement concentrate more on the triceps
Disadvantage
* You are only training the tricep through a limited portion of the strength curve
* Part of the strength curve you use in the actual bench will not be trained

Only moving the bar through a partial range of motion while stoping at a predetermined point.
Avantage
* Allows you to perform an isometric contraction at or just below a particular weak area in your strength curve
* Bringing the bar to a stop at a given point will strengthen that part of the strength curve
Disadvantages
* Same disadvantages as the board press
* Holding an isometric contraction beyond 6 seconds may be hard on your heart

Overall this exercise is a great sports specific way to strengthen the triceps for a better benchrpress. For the bodybuilder it is the best way to load the triceps with a lot of weight with very low risk of creating the elbow problems associated with skull crushers and other tricep specific exercises.
 

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