I searched the forums and there's one thread that really answered my question......kinda. I've never attempted this, so I'm a bit nervous and want to make sure I get it right. From my understanding the steps would go:

1) Sand area w/ rough grit sandpaper
2) Clean all rust out even if it means going all the way through the metal and leaving a hole in your fender
3) Spray any rust with some sort of rust inhibitor
4) Use Bondo to cover up the damage done (is sheet metal involved?)
5) Sand the Bondo down to match the fender
6) Prime, Paint, Clear

Here's a nice picture of the rust on one of my fenders. There's something like this on the other side too, just not HALF as big.

 

The only way to cure that is to cut out the rusted parts completely and have newer non-rusty honda sheet metal from a donor car installed.

 

Well it depens are you looking into temporary fix or permanent. The proprer way to do it is to sand to bare metal then cut the bad part and weld new metal.

 

http://www.cb7tuner.com/vbb/showthre...highlight=rust

 

Forgot to search CB7...man I noobed that. :af:

 

Ur fenders busted? Find a fender off the same year wit the same color as ur car. there's millions of em. That's what i did with my maroon 4th gen accord when i got in a fender bender. you'd never tell it got hit. Replaced the front bumper, both fenders and the hood that way. Cost me 375 bucks for all the parts.