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There's quite a few project albums that describe refinishing teak.
http://www.whalercentral.com/userphot...owstart=20

I personally sand, sand, and sand. And then I apply teak oil.
http://www.whalercentral.com/userphot...lbum_id=10
http://www.whalercentral.com/userphot...album_id=1

And here is one article in the article section which contain more articles on the subject.
http://www.whalercentral.com/articles...icle_id=31

Take some time and look through the Project Albums and the Articles. Lots of information there.