I know my Grandfather uses the ball peen hammer method that Brice mentioned. Me, I've never had to do it myself but I think when the time comes I'll be performing a halal/kosher slaughter. Not for religious reasons but because it is humain and more importantly, I feel it's healthier. Having the heart help pump out the remaining blood, which is a medium for the growth of bacteria, just makes the most sense to me. Plus, I think halal/kosher meat just tastes better. I lived in Turkey from 2005-2011 and I really miss the meat.
I've had a few accidents involving significate blood loss ( adventurous guy =] ) and remember clearly that it was NOT painful when an artery was severed.... but later on... holy shit.
Here is some information on proper slaughter techniques ->
http://www.vdpam.iastate.edu/HumaneEuthanasia/anat.htm
