Well before one can read Salah he must perform the ablution (wudhu).
[1] Having intention for prayer
The person should be conscious and aware of the particular salat that is being offered, whether it is obligatory, if it is a missed (qadha) prayer, individual or jamaat, shortened traveller's prayer etc. The explicitly verbalization of this intention is not required, though can be helpful.
It is done simultaneously with [2] Takbeeratul-Ihram (below).
The person should think his prayer to be the Last Prayer so that he may perform the best he can.
[2] Takbeeratul-Ihram
By rising the hands up to the shoulders , fingers slightly apart Saying الله أَكْبَر ("God is The Greatest") is the start of the prayer.
[3] Standing right
For the able-bodied, leaning or not standing upright invalidates prayer. If one is incapable of standing, one may sit, lie on the right side, lie on the left side, lie on one's back or as one is able to do.
[4] Reciting Al-Fatiha
Recitation of Al-Fatiha is obligated for every raka'ah.then With Bismillah Ar Rahman Ar Rahim (In the name of Allah , The Most Gracious the most merciful)
Reading another surah after Al-Fatiha is also obligatory for the first 2 raka'ah for all obligatory prayers, however it is required in all raka'ah of supererogatory
[5] Ruku'
Ruku' is bowing the body until the palms are on the knees. Ruku should be such that when a person is bowing, his back should be erected at an angle at which poured water may not fall from it (means at 0' back w.r.t 270' legs) Stopping means all major body parts including arms, wrists, head, legs stop - as long as saying "sub'han-Allah". If the body still moves, stopping is not done. An additional option is to read 3 times سبحان ربى العظيم و بحمده ("Glory to my Lord, the Most Magnificent Most Praiseworthy").
[6] I'tidal and stopping
I'tidal is standing again after ruku'. While the body is raising up, an additional option is to read سمع الله لمن حمده (God Listens to him who praises Him). During standing, an additional option is to read ربنا لك الحمد ملء السموات وملء الأرض وملء ما شئت من شئ بعد (Our Lord, to You is due all praise...). The body must stop as long as saying "subhanallah" Then after that say "Allah Akbar" ("God is the Greatest") and raise hand to the shoulders as person did previously at the start and then go to sajda.
[7] Prostration [Sajdah]
Prostration involves putting the following parts of the body - the bare forehead, both palms, both knees, the base of the toes of both feet - on the place of prostration. The forehead must be bare; a covered forehead invalidates prayer. An additional option is to read 3 times سبحان ربى الأعلى و بحمده ("Glory to my Lord, the Most High Most Praiseworthy"). There are 2 prostrations, the second is done after sitting between 2 prostrations (as [8] below).
[8] Sitting between two prostrations
During the sitting between the two prostrations, an additional option is to recite: " Allahummaghfirli, warhamnii, wajburnii, warfa'nii, warzuqnii, wahdinii, wa'afinii, wa'fu'annii" "Oh Allah Forgive Me, Have mercy on me", ...
[9] Final Tashahhud
At-tahiyyatu lillahi was-salawatu wat-tayyibatu was-salamu 'alayka ayyuha Annabiyyu warahmatullahi wabarakatuhu Assalamu 'alayna wa 'ala `abadillahi assaliheena Ash-hadu anna la ilaha illa Allah Wa Ash-hadu anna Mohammmedan 'abduhu warasuluhu.
"All worships are for Allah. Allah's peace be upon you, O Prophet, and His mercy and blessings. Peace be on us and on all righteous servants of Allah. I bear witness that there is none worthy of worship except Allah, and I bear witness that Muhammad is His servant and messenger."
This is read after the sitting position. If you are reading two rakat, then you would stand up after this one and do another 2 rakat. If this is your final rakat then you would proceed to read Durood Shareef.
[11] Greetings for Prophet Muhammad and for Prophet Abraham
Required portion: At least by saying اللهم صلى على محمد. Allaahumma salli 'alaa Muhammadin O Allah, bless our Muhammad Recommended portion:
اللهم صلى على محمد وعلى آل محمد كما صليت على إبراهيم وعلى آل إبراهيم
وبارك على محمد وعلى آل محمد كما باركت على إبراهيم وعلى آل إبراهيم
فى العالمين إنك حميد مجيد
Allaahumma salli 'alaa Muhammadin wa 'alaa ali Muhammadin Kamaa sallaita 'alaa Ibraaheema wa 'alaa ali Ibraaheema Innaka hameedun Majeed Alaahumma baarik 'ala Muhammadin wa 'alaa ali Muhammadin Kamaa baarakta 'alaa Ibraaheema wa 'alaa ali Ibraaheema Innaka hameedun Majeed
"O Allah, bless our Muhammad and the people of Muhammad As you have blessed Abraham and the people of Abraham. O Allah, be gracious unto Muhammad and the people of Muhammad As you were gracious unto Abraham and the people of Abraham. Surely you are the Most Praiseworthy, the Most Glorious."
[12] First greeting
Greeting "peace be upon you" to the right side. At least with السلام عليكم, at best السلام عليكم ورحمة الله وبركاته
[13] Second greeting
Greeting "peace be upon you" to the left side. At least with السلام عليكم, at best السلام عليكم ورحمة الله وبركاته
Credit due to
http://en.wikipedia.org/wiki/Salah with a few additions from myself.
If there any mistakes please correct them, God knows best.