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Here you go:
http://straightrazorpalace.com/videos/52536-straight-razor-stropping.html

As for the nicked strop, check the wiki as there is some strop repair info there.

Congrats Woodash! I knew you could do it ;)

Once you get a good grip on stropping basics you'll start experimenting with other factors such as when to and when not to use additional pressure,...

Woodash,

Judging from your description I would have to guess that the edge isn't rolled. Usually a rolled edge will provide a nasty shave, if you can even shave with it at all. It's more...

It sounds like you are doing everything you should be. It's simply down to practice, that's all. Light touch, next-to-no pressure, etc.

The only way you'll know if you are truly stropping...

It sounds like it could just be a case of rookie stropping technique. You said that the edge "went south", but how badly? Usually a newb is happy with their stropping if they can eck out a somewhat...