NY/KC/whatever strip is the cut I prefer, very thick cut, with ample fat left around the edges. Rub lightly with oil, apply salt to your taste, and sear both sides 2-3 minutes in a very hot pan. Rest it a minute or two, cut away the fat and enjoy.

At a restaurant I order 'medium rare' but I think 'warm' is a better description. The center should be a little warmer than your mouth to bring out the best flavor of the blood and juices, if it's cold you're losing some of the taste. Honestly, though, I don't really care if it's warm because it was just cut from the cow or because it was just run across a grill.