Dave is right but a couple of tips:
1. Before you start, use some duck tape to stick polythene sheeting on the radiator round the valve and channel it into the bowl.
2. once the old radiator is empty, put the bleed valve back in and tighten it up. Once you have it off the wall, turn it upside down and carry it out with all the sludge still inside. Otherwise, unless you keep it absolutely level all the way (in my experience impossible!) it will slosh out.
3. If the new radiator is not actually the same size, you can get things called radiator extensions to extend the gap between the valves and the new radiator a bit. You will have a better chance of finding them at a plumbers merchant than a big DIY superstore.
How successful you are will largely depend on how much freeplay you have in the pipes.
Peter, October 2007