my paint has become faded and i don't have money for a new paint job. So i will have make with what i have. my friend gave me a rotary high speed buffer with a wool bonnet with it for heavy cutting. Now I never used this before so do I spread the rubbing compound over the paint and go back and forth? how long do i buff the same spot?

I wouldn't do it. If you don't know what you're doing with a high speed buffer you will wreck your paint. Can you find a good detailer that will charge a $100 or so?

try youtube or google video and search for "paint buffing" etc. amazing at what you'll find.
depending on how bad your paint is...i would try rubbing compound by hand then go over w/your buffer using a "foam" pad (thats a finishing pad) w/mquires (check the auto parts store) final stage polish.
do 1 panel at a time, smear a little polish on the are as well on the pad then go back and forth gently as to not push hard, let the buffer do the work and you will see the result right away...'
-could you post some pix of your paint?

Yeah, I did mine all by hand with rubbing compound and polish, i will post some pics. Sorry, no before pics though.

If you have no experience with a rotary, don't use it. You can mess up your paint even more. Take it to a professional or get a PC 7424 (random orbit buffer, cannot mess up or burn the paint).

The hood and roof is the most faded and the sides are not as bad. I will be trying the buffer on my beater so i get the hang of using it. i don't have any pics of the car showing its true faded paint all my pics have tons of wax and polish on it. I will be using it at 1,500 to 2,000 RPM and no higher. my friend who did is car with this said i should no problem with it as long as i don't leave it in the same spot.

Yes, by all means, practice on your beater before attempting it on something you LOVE....it's very easy to burn the paint with the buffer. And it happens so fast you can't stop in time. Then its back to the sandpaper and water and paint...but it can be done if you want it done. Don't give up!

I was in Kmart this afternoon and they have a 10" random orbital buffer for $24.95. It includes some bonnets, too. Don't know if your local Kmart has the same thing, but I'm sure you can find something similar at Wal-Mart, Target, Auto Zone, etc. This is a MUCH safer way to do your paint. And rubbing compound with a high-speed buffer sounds like the equivalent of sticking the side of your face on a belt sander. Try POLISHING compound instead. Maybe wetsand with 1800 or 2000 grit first (lube up your water with some dish soap ) then go over it with the polishing compound on the random orbital. Then finish off with a nice coat of your favorite wax. I use "Super Glaze" by The Wax Shop, but Merguiar's, Zano, Turtle Wax ... anything will work.

I made the mistake of compounding my whole hood with rubbing compound a long time ago. I did it by HAND and it nearly ruined my paint. Don't even THINK about doing it with a high-speed buffer!!!!

Oh ... one last thing ... some brands make a non-abrasive liquid compound that really works wonders on paint if you use them with a random orbital. The Wax Shop (you have to buy this Wax Shop stuff online) used to have a product called "Dark Magic" ... I think it might be discontinued ... and they have another called "Safe Cut" that I use all the time. Might want to check into that, also.