Brenda gives an excellent description of the process!
I can add that I prefer to use Zinsser's Cover Stain (oil) primer if only because it is about the cheapest and it works. You might wipe down just before priming with a liquid deglosser to improve adhesion.
Normally I would use a latex flat top coat because it does not reflect and thereby tends to hide imperfections. It also doesn't draw the eye to it. A church friend did this to her livingroom and it looked great.
For more painting hints, visit my website at www.bobf.info.