Recipe: Pan-Seared Steak

Directions:

Place steaks uncovered on plate. Pat them dry with paper towels. Let stand for 30-60 minutes which will raise the steaks to room temperature. This will ensure even cooking throughout the thick steaks. Do not be concerned about bacteria, the cooking process will take care of that.
Place a cast iron skillet large enough to accomodate the steaks (I use a 12" skillet) in cold oven. Preheat the oven to 500°F/260°C (verify with good oven thermometer).

Note: Walmart carries the Lodge 12" pre-seasoned cast-iron skillet in-store for under $20. It'll be a fantastic addition to your set of cookware. It's heavy enough to also serve as a home-defense system. Go buy it. Trust me.
Open as many windows in your house/apartment as you can and turn the fan above your stove on. It's going to get very smoky in a few minutes.
As soon as oven reaches 500°F/260°C, coat both sides of the steaks with a small amount of oil, a generous pinch of salt, and black pepper to taste (with the pepper, I strongly encourage you to use more than you think you need).
While leaving the oven on, move skillet from oven (making sure you're using VERY thick oven mitts) and place on stove. Turn heat on the stove to high (meaning as hot as the stove can get). Let the skillet sit on the high heat until a small amount of smoke is rising from the inside of the skillet (on my stove that takes 2-3 minutes).
Place steaks in the middle of the dry, insanely-hot skillet. As soon as the meat hits the skillet, start a timer for 30 seconds. The steaks will immediately start pouring out mountains of smoke. Don't be concerned, you won't start a grease fire as there's only a small amount of oil involved. Under no circumstances should you move the steaks once you've started searing them. Leave it alone, it'll be fine.
When the 30-second timer goes off, flip the steaks using tongs (don't use a fork, as you'll dry your meat out).
After searing the second side for 30 seconds (without disturbing it!), flip steaks again and then using the very thick oven mitts, immediately move the skillet back into the hot oven.
Let the meat cook for 1-1.5 minutes for rare, 1.5-2 minutes for medium-rare. After the time is up, take the skillet out of the oven, flip the steaks (using tongs), and cook on the other side for the same amount of time as the first side.
Take the pan out of the oven, transfer the steaks to a clean plate, and cover loosely with aluminum foil. Let steaks rest for 2 minutes. Serve whole or slice thin and fan onto plate.