I don't know what most guys do but...
Waxing is kind of pricey and painful but works well. Make sure they use the soft wax and not the paper strips! You'd need to go like once a month and it gets less painful and the hair grows back in lesser amounts after consistant waxing.
I wouldn't recommend trying to do a "home waxing" job... too painful.
Also, I'm a chic, so the only place I get waxed is ... um, sensitive.