We use the Alton Brown (of Food Network fame) method. They come out absolutely great.
You will need a LARGE soup pot and some of those steamer baskets, as well as a good amount of time....but the recipe is well worth all the effort.
1) Buy whole wings, and split them with a paring knife into drummies & wing sections.
2) Fill the bottom of your pot with water, but just enough that it doesn't touch the bottom of your steamer basket.
3) Steam your wings for about 5 minutes.
4) Line a cookie sheet with paper towels, and cover with a metal rack. Lay out your now steamed wings on the rack and refrigerate for at least an hour. I usually steam all my wings the night before I'm going to cook them. That way, they have all night to dry out in the fridge.
5) Bake the wings in a 450 degree oven for about 20 minutes. If you're using the same setup in the oven as you did in the fridge, DON'T FORGET TO REMOVE YOUR PAPER TOWEL LINER. Remove, flip the wings, and bake for another 20 minutes.
By steaming the wings, you partially cook them while leaching out some of the grease. Letting them dry in the fridge keeps them from getting soggy, and when you bake them, they come out better than if they were fried.