Replying to Painting Rails

Me and my buddy picked up some yellow rails that you'd find in parking lot or something like that, I'm not necessarily sure what material they are, but I think steel. We slid them about 2 years ago or so, and haven't slid them since, but we pulled them out again today to re-setup them up and stuff. The tops are all rusty and the paint is chick, so I was wondering, what steps should I take to make this rail nice and slick? Should I sand, then paint then wax? If so, what kind of paint? Thanks.