First, make sure they're the kind of girl/boy who is almost certain to say yes. Otherwise you might risk insulting them/hurting their feelings etc. If you're not sure, and think they're either not interested, or they want more than just sex i.e. a relationship, chances are that even if they agree, it'll get messy.
I've been "propositioned" in this area recently, and he basically just said "I need a good **** buddy", and all I had to do was go "hey, I'm up for it", or whatever. It was over MSN though... so less courage needed for asking, and less cringe-y for rejection.