As it was snowing heavily outside I thought it might be interested to eaves-drop and so it proved.
The two methods were
1. Turn into the skid until you feel traction, then accelerate softly, don't break hard - That is what I was taught and although it goes against your instinct it does work if you are fast enough.
2. And this one really surprised me - Remove your hands from the steering wheel and feet from the pedals for an instant then re-apply then you will re-gain control.
Now I was a little intrigued at why such a move (2) would be beneficial and he explained the following:
When you are driving your body is in tune with your car, you may not notice it but even on a dead straight road you are constantly adjusting the steering, sometimes at such a small rate you won't even feel it....
If you get into a skid this bond with the steering heightens, your first reaction will be to panic, which may effect your judgement and therefore cause you to over-steer, break etc etc etc....
But, if you break the bond, your mind and car immediately start a new relationship, you naturally will adjust steering the car to where it must go.... I did raise an eyebrow and told him it was an interesting theory, he smiled the smile of a man that knows best...
Then...
The next morning coming down a steep him, mountain on one side and oblivion on the other I got into a skid, I went to turn into it but I would have turned in to a place of no return if i messed it up, so I did let go for an instant, then just steered ahead and blow me sideways it felt like the skid never happened at all, the correction was immediate.
I would not like to test again under the same circumstances.
I'm sure others have experiences or know of a way to best do this, both these ways I have now used, if there are any more that don't go against instinct I would be happy to know.