For those of you looking to import your Vanity address, hacked key or paper wallet into your Bitcoin QT client, here are the instructions:
Example: importprivkey 5KJvsngHeMpm884wtkJNzQGaCErckhHJBGFsvd3VyK5qMZXj3hS
The label may have spaces, the quotes are only needed if you want a space in the label.
On a fast PC it takes 2 minutes to import, and during this time it looks like you application has hung. You are now done.
While adding multiple keys you may want to avoid a time consuming rescan after each key. To do so use the command importprivkey <bitcoinprivkey> '' false for each key and importprivkey <bitcoinprivkey> '' true for the last one. The blank label is needed to pass the true/false flag.