This question will likely have as many methods as there are posters.
Cleaning: if you
really want to get it clean, use sodium hydroxide (caustic soda) at the recommended mixing ratio. Don suitable rubber gloves and eye protection and handle with extreme care. It will kill anything it touches and really is the most effective method for cleaning and killing nasties.
A safer and effective product is sodium percarbonate or other common brewery cleaner like
Brewery Wash or PBW. Boil a jug of water, add a cap full of sodium percabonate and shake. Give it a solid rub with a cloth once it's cooled down and that'll do the job 95% of the time. An alternative is unscented Napisan which is ~30% strength. Use 4 times as much. After cleaning, rinse well with warm water. I like to put another jug of boiling water in afterwards to finish the job and aid sanitisation.
Sanitising: There are numerous products like
phosphoric acid,
pink stain remover, Starsan, iodophor and sodium metabisulphate. All do the job well, but I use Starsan simply because the supplier I used stocked it. It's a good idea to change your sanitiser regularly to keep the nasties guessing. Mix at the recommended ratio and add about 500ml of solution to the fermenter and shake well. Leave for 2 mins, tip out the sanitiser (it can be reused) and rinse or don't - I choose to rinse.
Tip - store sanitiser in a 5 or 10l jerrycan so the ratio can be calculated easily and it's there when you need it. I also have a spray bottle with it which I use for utensils, outsides of tubes, cleaning of surfaces etc.
This should bring your fermenter back to tip-top order. I've had mine since 2006 and it looks legitimately like a new one.
ED: typed this ages ago, wasn't aware of other responses but looks like we're on the same page sans soaking. I used to soak but find it to be a bit wasteful of water.