In this beginner's guide to whetstone sharpening you'll learn how to give a cheap knife an edge so fine you can split atoms with it (or at least slice paper). The idea is to have different whetstones of varying grit (size of abrasive particles) and start from the coarse stones and move to finer ones. It's important to keep a fairly consistent angle as you draw the knife over the stones — you can do this by matching the edge that the manufacturer put on the knife to begin with.
This is the knife used in the video, and these are the two whetstones.