My 2001 Pro Craft has Med/Heavy Oxidation on top along with some "suncracks" in the gelcoat.  I was wondering if there was anyway to get rid of the Oxidation and possibly the suncracks.  I tried using a rubbing compound with little luck. Any advice would be of great help. Thanks in advance!

Wet sanding is the best option, you'll need to make a trip to a store that sells auto body supplies as the grits you'll use aren't normally found in the usual stores.  I have taken off oxidation with rubbing compound alone.  It's a lot of work.

BTW, those sun cracks are probably spiderweb cracks which are basically stress cracks in the gel coat.  Not much you can do with them that isn't really labor intensive.  

This is how I did it:

wet sand with 1000 grit paper

wet sand with 2000 grit paper

rubbing compound with buffer

wax

seal

It was a lot of work but the results were great. You really need to keep the sealer on it to keep the oxidation from coming right back.

Thanks for the advice.... what type of sealer do you suggest?

Here ya go!

http://www.bassresource.com/fishing/BoatFinish.html

Use a variable speed buffer not the dual handle orbital single speed. Single speed units don't run fast enough to do a good job. Run  the variable speed at around the 4-5 setting then increase slightly as you feel the surface smoothing out. Don't run to high a speed or you could burn the gelcoating. It's a lot of work but well worth it.

before:

after:

Will a Gelcoat Restoration system like this not do the job??

http://www.overtons.com/modperl/product/details.cgi?r=view&i=20362