There are a few things to remember. I have seen a couple of these videos on youtube that are DREADFULLY WRONG. (I didn't check the one posted above.)
I use Hoppe's #9 on the barrel, but I don't get it on any other part of the pistol. JUST the separated barrel. I'll use Gunscrubber aerosol on most of the moving parts, but I usually spray it onto a toothbrush and use that to clean, rather than spray a lot into the gun itself. I DON'T use carb or brake cleaner, they're way too harsh. (I use them to de-cosmo a yugo SKS, not on a 1911.) The reason I like gunscrubber is it evaporates clean.
The idea is, that you want to get it as clean as possible SEPARATELY from the lube, two different processes. When it's clean and dry, THEN you apply lube. The army tries to use one product to Clean, Lubricate, and Protect. It does an ok job of cleaning, and a better job of lubricating. I will use CLP as a lubricant on my personal guns, but I want something stronger to clean. Some guys use 5w30 synthetic oil, since it has much cleaner properties than regular motor oil. DO NOT USE WD-40. MINIMAL lubrication is needed. Apply one drop on the front and rear of both rails, then dab about half of it off. Put a drop on the tip of your pinky, to get it damp, rub that on the inside of the bushing, where it makes contact with the barrel. Do the same on the locking lugs, either on the barrel or inside the slide, all of the lugs, around their full cut. Apply just enough on the axle of the swing link for it to seep in when you flick it back and forth. With your damp fingers, moisten the pin of the slide stop that the link rotates around. Cock the hammer. Use something like a q-tip to apply less than a drop, but more than your wet pinky would put down in where the hammer is exposed when it's cocked. Work it back and forth several times. Re-assemble and work the slide several times. There will be excess on the frame at the front and back of the rails. Wipe off all visible excess. (When you have done this several times, you will learn where to look for it.)
Some other places, like the safeties, the spring housing for the slide stop safety, mag release, etc, I only lube when I detail strip and lube. Most of the time you want to leave them alone. Like possum said above, there are different more detailed maintenence intervals. If you feel like you want to detail strip and really get thorough, get a book and a CD-rom armorer's course. But most people really don't want or need to get that involved.