Fill the bottle
Seal it
Tie the rag around the neck
Light it
Throw
Run
From Wikipedia:
The easy construction of a Molotov cocktail makes it a standard weapon of guerrilla warfare and violent rioters, but it can be challenging for an amateur to make an effective device. The most common failure is in over-filling the bottle, as a full bottle will not ignite quickly when it breaks on impact (although it has a longer burning potential). For a device to explode rapidly on impact, the bottle should be only one-half to two-thirds full. Another common mistake is failing to wipe down the bottle, which removes flammable residue, prior to lighting the rag. Yet another error is to use the ignition rag directly to stopper the bottle. Other common difficulties include failing to make an airtight seal with the stopper to prevent escaping fumes, a too-long or too-loosely secured ignition rag, using an inappropriate bottle (e.g., short-necked, wide-mouthed, too fragile, or too tough), and above all, mishandling after the rag is ignited.
In short, Molotov cocktails are inherently dangerous devices due to their incendiary or explosive nature. The manufacture and use of Molotov cocktails involves serious danger to the unskilled manufacturer.
http://en.wikipedia.org/wiki/Molotov_cocktail