If your paint is SS then you might be able to get by with just a rubbing compound. Otherwise it will require polishing with a machine like the Porter Cable, as previously noted.

Also, any photos of what exactly you are talking about would really help.

 

That sounds like single stage paint, or paint that is badly oxidized. When you wax/buff the paint, does the pad show pigment from the paint? If so, that's a sure sign of a single stage paint (provided the paint isn't a victim of clearcoat failure). A clear coated paint will not turn the wax/buffing pad the color of the paint.