What is the best way to peel hard boiled eggs?

I was watching Rachel Ray the other day. She said to let them boil for ten minutes turn them off. put a lid on top let them sit tell they cool down a bit. Then run cold water over them until nice and cold, then dump off the water and put lid back on and shake in pan until they crack. then put more cold water over them let them sit for a few minutes then they should peel easily.