Re: gelcoat
I think the previous poster meant 600-1000 grit - this is a black sandpaper that is meant to be used with water (wetsanding) go with 1000 grit first.
You dip the sandpaper in water every minute or so to clean off the sludge that it is sanding off - this is a polishing process.
Find an area about 12 by 12 to start on - wet sand the entire area for 3-5 minutes using water and soap. You should get the top layer of oxidization off - then you follow up with a automotive buffer and compound. You should see good results very quickly.
Have fun
I once purchased a boat that looked pink due to heavy oxididation - it too me a week of working every evening but in the end my boat looked close to brand new. The boat was probably 15-20 years old.