Originally Posted by jim jones

As stated above countersteering is the only way to get you around the corner even if you didn't realise you are doing it.
I have done the California superbike school levels 1 and 2 and will be riding the no BS(body steer) bike in a few weeks with them on my next traing day. On level 1 you do a riding drill to show you how countersteering works, as for weighting the outside peg itis done to help you countersteer and is known a 'pivot steering' as you push from the peg acoss the bike to the inside bar to make the steering input easier.
As for hanging off this is done to reduce lean angle so you remain on the fatter part of the tyre for longer to give you better traction and stability.
As others have mentioned watch the twist of the wrist DVD this will show these techniques better, just watch out for the cheesy acting.