I use Magic Razorless Hair Remover Cream. Works great, easy to use, leaves you smooth as a baby's ass with no irritation. It is a depilatory cream that you apply and leave on for 8-9 minutes, then rinse off in the shower. It does stink, so I wouldn't use it right before a rendevous, but the scent will wear off after a few hours.
I tried Nair one time and that shit burned like hell. This stuff is actually intended for guys that shave their head, so it is a more gentle formula. You can find it at Walgreens and CVS. Only 4 or 5 bucks for the tube which will last a while. I usually apply every other week or so to keep things neat.