When finished with the shampoo, apply conditioner in a stroking motion -- if you have longer hair, focus on the ends of the hair rather than the scalp. Remember to be gentle with this step as well as you don't want to stretch and damage wet, freshly washed hair. Let the conditioner rest in the hair for a minute before rinsing it out.
For the final rinse, use water as cold as you can stand as this will help close down the cuticle and lock in the shine. Unless you hair is VERY dirty, there is no need to "Lather, Rinse, and Repeat." This process, I believe, was created by the shampoo makers to sell more product.
Finally, YES, most men can wash their hair daily with no damaging effects. Just make sure to choose the right shampoo and conditioner for your hair type. If you hair is very oily, you'll certainly want to wash daily, while if you hair and scalp is dry, you can probably skip a day between washings. That said, using the right shampoo and conditioner will allow you to shampoo daily regardless of hair type.