I would say if you are asking this question please do not go ahead with this mod unless you have read about this very carefully.
Well, Thermal paste (gel/pad/etc) is a thermal conductive material that is usually spread on objects such as CPU/GPUs. They are placed between the actual chip itself and the heatsink to help conduct and produce thermal dissipation.
Typically you would pry apart your system. I usually use piano wire and slowly and very carefully work it back and forth to seperate the heatsink from the CPU/GPU. You can then use Alcohol or some other non abrasive fast drying solvent on a qtip to remove the residue from the old thermal pad/paste from both the heatsink and the processor. You then apply a very thin amount evenly over the processor. I'm a perfectionist and will make sure there are no bubbles or ridges in the paste. You then apply the heatsink in a firm but even pressure over the processor. Its that easy, but also will be very costly if you do it in a rush job.
You can pick up the paste from a local computer shop or best buy. I would recommend Artic Silver. I usually purchase that from New Egg. It tends to reduce temp much better than the crap you will find in Best Buy (Geek Squad Thermal Grease).
Wikipedia on Thermal Paste/Grease:
http://en.wikipedia.org/wiki/Thermal_grease
Tom's Hardware also has nice write up about it:
http://www.tomshardware.com/reviews/...08,1784-8.html
Let me know if you want me to get more indepth or go into more detail. I tried to keep it simple so I wouldn't confuse you and make it easier on you.
I would recomend however getting a laptop cooler for your laptop. It should reduce the temperature and help the laptop breathe easier. They typcially run from 30-100