"Pumping" the brake pedal really only aerates the brake fluid...not a good thing when trying to bleed them!
With the pedal up, open the bleeder screw, then press the pedal down. Once it is all the way down, close the bleeder, and release the pedal slowly.(same method as described above

). This works the best, is you have to manually bleed them with the pedal.
Tapping on the caliper with a plastic, or rubber mallet will also help dislodge any air bubbles stuck to the calipers, especially on the rears.
Of course, a pressure bleeder is the absolute best way, but not everyone has one. They are getting cheaper now, tho, so they are a bit more affordable, and well worth the investment for anyone with a Corvette with discs.
I have to say, my sequence for bleeding is not the same as Josh's...the normal procedure is:
RR-LR-RF-LF...you want to bleed the furtherest caliper from the master first. This lessens the chance of having trapped air in the crossover line, that may wind up just floating from one side to the other, and never really getting out.

______________
Joel Adams
C3VR Lifetime Member #56 
My Link
(click for Texas-sized view!) NCRS
"Money can't buy happiness -- but somehow it's more comforting to cry in a CORVETTE than in a Kia"