RUST

Bought the spray paint basecoat and clearcoat... ready to go to town. How should I tackle this?

http://i.imgur.com/zVA7Z6e.jpg

There's more spots than the picture shows. It's hard to get a picture of it because the car is lowered...

Tell me whether too..

Spot sand or sand the entire fender lip

What sand paper to use

Do I sand the basecoat? Clearcoat?

How long do I wait between basecoats? Clearcoat?

Should I bother wetsanding it? Should I wax it? If so, how long do I wait?

Please lol. I have off tomorrow and wanted to do this :/