Many thermal paste manufacturers have a website that contains detailed instructions (like here). However a quick Google using the keywords: PC applying thermal paste (the "PC" is just to restrict it to the right context) yields us a result on the second link: [QUOTE="whatever", a member on Anandtech forums]when you are putting on thermal paste, just put on a little bit. you want enough for a thin layer over the core (or heatspreader in the case of a64 or p4), not a thick glob. put it on, then spread it around with a razor blade or credit card so it is thinner than paper.[/QUOTE] PWUGSE: People Won't Use Google Search Engine.
A small spot (grain of rice size, as above) onto the CPU core, spread with Credit card. Get it EVEN and almost transparent. Also put the same amout onto the HS, rub it in, then remove with a good quality paper towel. That fills in any minute scratches etc on the HS. Takes a couple of minutes tops
I'm with big den. BUT. If your CPU uses a IHS you may want to test that the waterblock is indeed flat and not concave in which case you would need more paste in the middle (or a fair bit of lapping) or you would only be getting contact at the edges of the IHS rather than at the core where most of the heat is concentrated.
With Athlon xps etc. just put a rice gran sized blob on the core and stick the sink on. It spreds out perfectly under even slight pressure from the clip. All this credit card stuff is not relly needed on a normal exposed core cpus Arctic silver advise against spreading out AS5 as its very viscus and sticky and impossible to get an even layer so they use this method. Ive tryed it with most major TIM pastes and it works great with all of them. Never tryed on a heatspreder as im allways worrying that it has not spread out enough. slater..