I just saw a video on YouTube showing how thermal compound spreads using different methods of application:
YouTube - How Thermal Compound Spreads
Judging from the video, the method where you spread the thermal paste yourself is quite bad because it creates many air pockets that cannot be removed even through twisting.
On the other hand, quite a few people still say the pea-sized (metaphorically, as a pea-sized glob is too much) or uncooked rice grain-sized blob works the best. It spreads out when you apply firm pressure and covers the most important part of the CPU: the center. Correct me if I'm wrong (I have an i5-760), but the actual die, itself, is in the center of the CPU and that's really all you need to cool. Therefore, it's not actually all that important to cover the edges of the processor. I don't know what a die is, but I gather it's the heart of the processor that does all the actual calculations and generates the most heat.
I have a CoolerMaster Hyper 212+ heatsink and the Artic MX-2 thermal compound, so would the pea-sized method be adequate for me? Also, what temperatures should I be expecting? You can give me a range, because I know that household conditions will change the actual temps. I think my house is around 17 - 18 *C right now, but can balloon up to 31 - 34 in the summer.
As a side note, I know that Rison suggested I put four thin lines along the copper parts of my heatsink; however, I've never built a computer before and the step I am, by far, most worried about is the application of the thermal compound. Rison's method sounds a tad too complex for me, and I want something that is fairly simple and works. Perhaps in the future, I will try different methods. For now, though, I will definitely play it safe because I do not want to break/damage any components.