Now for Part 2! Here's where all the good stuff happens! Onwards!
So after you're done soaking and such, remove the piece from the water. When you're taking the piece from the water, try to support it with both hands to prevent stretching and breaking. After soaking, the fibers, especially wool, are VERY fragile and prone to breaking. So support the piece with both hands and lay it out on a dry towel. Never ever ever wring out your knitting! EVER. The fibers are fragile and this will stretch out and break your knitting! Gently pull out of the piece from the damp ball it's in and lay it out flat on an old and very absorbent towel.
Once it's flat on the towel, roll the towel up into like a wrap with your knitting inside it. Now g-stomp the living shit out of this towel. Yes there's a purpose to this. Stomping the towel takes out all the excess water from the knitting, and believe me, there's a whole lotta water in there. This won't ruin your knitting, so don't be too worried. Once you're finished stomping the knitting, unroll the towel and gently move the knitting to a different towel or blocking board, what have you. The knitting should be fairly damp, but it's still fragile so be careful to support it.

Once it's on a separate towel, begin to pin out your knitting. I prefer T-pins and blocking wires. Gently stretch out your knitting to the dimensions you want, and pin it down. If you're blocking a lace shawl with straight edges, I'd recommend blocking wires to get straight edges. Tack out your points to emphasize them. Wait for at least 24 hours for the knitting to be completely dry, unpin and wear! You now have a beautiful, blocked shawl!

In conclusion-
- Never wring your knitting! Remove excess water by pressing it between towels.
- Pin out to dimensions using wires and pins.
- Wait for 24 hours to dry or longer depending on your piece's weight.
- Wear that lace knitting!
If you have any extra questions about blocking lace, I'd recommend these videos
here and
here and of course, any blocking article on
Knitty