Painting a dining table - A howto guide

Guys

I'm going to buy a "country style" wooden table off ebay and renovate it.

Typically these type of tables are made from solid pine.

Example

Dinning Room Table .. 8 Seater - eBay Dining Tables, Dining Room, Furniture, Home. (end time 12-Apr-10 09:37:31 AEST)

What I'm wanting to do is paint this table in a bright red... or maybe black or white (wife still deciding)

How best to achieve this?

Do I need to sand it back fully? If so how? Use a orbital sander?

Could I forgo the sanding and just apply a primer?

Should I use a spray gun to apply the paint? If so can anyone recommend a budget spray gun for this project (note: I'm unlikely to use it often)

We want a glossy finish on the paint. Should I use a true oil based paint or one of the new "water based" acrylics?

Should I put something over the top coat to protect it from heat/moisture.

Any advice appreciated.