When I last worked on my rear axle, I installed speed bleeders that I picked up at O'Reilleys' Auto Parts. They are 10mm Metric units that replace the original bleeder on each wheel. I found them in the "generic parts" section where they sell stuff that fits on many different cars.
Basically, they have a one-way valve in them that automatically closes when you release the brake pedal (which would normally cause suction, introducing air back into the brake system) while bleeding the brakes.
You unscrew the speed brake, attach a rubber hose (clear hose is helpful!) to the end of it to catch the brake fluid and then you pump while making sure that you keep refilling the master cylinder resevoir. When brake fluid flows clear (no tiny air bubbles) close the bleeder and try the brake pedal again.
Always start at the wheel farthest away from the master cylinder (I start on one of the driver' side rear wheel...) and work your way forward. As you do this, the brake pedal will get progressively less spongy until on the driver's side front, the pedal is rock hard. You may use up an entire pint of brake fluid. Don't reuse the old stuff. It's probably contaminated anyway. Just take it to your local recycling facility or to an auto repair shop for proper disposal.
Speed bleeders are less than 20 bucks a pair and are worth every penny IMHO.
Hope this helps!