Daemons or Marines?
For Marines, black and bestial brown undercoat (black first obviously), followed by heavy drybrishing with Camo Green. I then paint the bolters/bolt pistols scab red with red gore highlights, put mithril silver/chainmail on the rims of their armour and bolters, and paint their skin with the regular skin colours. I then drybrush rotten flesh over everything to give their equipment and the silver a kind of disgusting look, and it lightens up the armour a bit too. Then put a rotten flesh/[insert light blue colour] mx drybrushed over the skin, unless you have other plans, like what I did with my models. If it's an important guy, run a dark angels green drybrush over the armour, followed by another super-light drybrush of rotten flesh.
Here's some
examples of my models and how they turned out, before I changed their skin colour and finished my Lord (from 2002). Click on the pictures to get a better view.
Here's some of my more
recent models, the Crimson Heads, after I painted over their skin in a sick scab red way (it goes along with the fluff I wrote for them). You can see a good example of the rotten flesh over the equipment on my bolter troops (or at elast I think you can, I can when I look at them in real life). The bolters look kind of worn and old, with a sort of mold developing on them (or something like that).
As far as painting Daemons, I have no idea. I only use Nurglings, and I haven't even ordered them yet (i proxie them with my old Rippers).