Some DIYers, use the drain/replace method. But the thing is, you can only get so much out at one time as there is always fluid left in the TC etc.. So you would have to repeat this procedure 2-3 times. That gets expensive for synthetics.
If you take it to a shop that can flush, they (I think) run the car and constantly run new fluid though while draining the old stuff. Eventually you get all new stuff in there. Again, expensive if you use synthetic.
Depending how many miles you have, I don't know if it's really justified to use synthetics. Many have used Amsoil products though. A cooler would be benefical either way. I believe the Haden 403 is the one everyone uses. I did a search for Hayden and here is a decent thread:
Wheels Finally On
For tranny flush information: Check the fluids/lubricants section.