How Do I Draft & Revise?

I've had several people ask variations on this question, so I figured it was time to answer it.
Every writer is different, and I don't pretend to hold all magical writerly wisdom in my hands. But because every writer is different, I think we can all learn from one another, see what works for one person, and try it out for ourselves.
My drafting and revision method (such as it is) has evolved over the years quite a bit. Here's roughly how it stands today:
I rarely draft chronologically, at least...