Everything everyone posted here is correct, just be careful how much pressure you apply to the master cylinder or you will blow the reservoir off. 10-15 psi should do it.

DON'T let the reservoir run dry or you will have a real brake bleeding problem on your hands (I know - I did it)

Home-made bleeders are fine, but the commercial ones add fluid rather than air to the master cylinder, so you won't accidentally let it run dry. Plastic ones are cheaper ($25-$50) than letting a garage bleed your brakes, and you will have a tool to use again or to loan to your friends. There are a couple of different brands listed in recent posts.

The vacuum pump method works fine if you just want to get air out of the calipers or flush through fresh fluid (as you should do every two years). When your hand gets tired from pumping your vacuum pump, get out the master mechanic's secret weapon (duct tape) and your wifes vacuum cleaner. It applies the appropriate amount of vacuum, and it is a lot less work.

When using the vacuum method, you will pull air in around the threads in the bleeding nipple, so you will always see some bubbles in the hose and it's hard to know when you have removed all the air from the system.

Vacuum bleeding brakes works, but pressure bleeding seems to be easier and less work. You can build your own low cost pressure bleeder. I built the one shown at the following site: http://www.apexcone.com/Bleeder/bleeder.html
It worked great for me. I used the syntec brake fluid.
Brad

I've used both the vacuum pump method and the pressure method using the spare tire for air pressure. I feel the pressure method worked much better. To bleed all the brakes took a full quart of DOT4 fluid and I would have an extra can of brake fluid on hand just in case it was needed.

Most guys prefer a pressure bleeder to a vacuum bleeder because the
vacuum can pull air in past the seals rather than down through the lines,
and also you can get a lot more push with pressure.

A pressure bleeder is pretty easy to make, just adapt an air hose to
an old master cylinder reservoir cap. If you use a long enough hose you
can use your spare tire for an air pressure source.
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George Downs, The "original" Walrus3, Bartlesville, Oklahoma

Yes, a hand or automatic vacuum pump will work fine. You need to be able to regulate it so a hand pump is probably better (and cheaper).
You bleed brakes until you get no bubbles and clean fluid is coming through. Do not under any circumstances allow your master cylinder to run dry. You'll be bleeding a lot more if that happens.
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Rob Bareiss, New London CT ::: 86 244DL, 87 244DL, 88 744GLE: 625K total