In the real world most commerical airline raise gear when they have established a postive rate of climb. As for landing any where from 50 nm out to say 75 nm out.
Just make sure to check your air speed and you should have at least 10 degrees of flaps down first. Altitude should be somehere between 1200 and 3000 feet. But you can raise or lower the landing whenever you want.
But unless you do not want landing gear do not lower gear above airspeed of 250 knots as if you do you probably can kiss them bye bye.
If you have realism turned on the sim will not allow you lower your gear if are going to fast. If not you will hear a warning sound telling you that you are about to rip the gear off the plane. ???

The proper way i beleave....is when on the final approach you lower becasue if you don't you will be using extra fuel...I think the same thing goes for flaps...to a point you need flaps not to stall....but as you go to flpas 40 that all happens on the final approach ruffley 7-10 miles out....hope this helps

Thanks everybody,

I was usually raising the gear right after take off. I guess I need to wait just a little longer until establishing a positive rate of climb.

I lower flaps as needed, when reducing airspeed to land without stalling. I raise them again as needed. If see the aircraft is climbing at around 2000-3000 fpm(depending on the aircraft ZFW, I have even gone as far as 4400fpm ascent on the 767) and I see that it keeps gaining airspeed I raise the flaps gradually.

If it needs to be done different than that, let me know.

Ok I have another question for yall.

I like doing real sharp turns on final approach with them widebody aircraft   and I'm talking about low altitude last minute turn descending at the same time. Something like this one
http://www.airliners.net/open.file/496922/L/

My question is, when do I start the turn? A lot of times I do it too late and I end up having to go around.

I guess I'll follow my instict from now on. I have been starting the turn too soon but still good enough to where I can line up no problems.

I have gotten much better. I was having issues with Posky's 767 on laning but for some reason after I turned the realism settings to real in fs2002 landing has been much better.
It may just be my case but after I did that I have been making real nice landings. The whole flying experience has changed. I can't beleive I've been using fs2002 for quite some time now and never even noticed those little details.

Before I aksed, I was lowering the gear when the airport was in sight  but not too far. I just wanted to make sure I wasn't lowering doing it wrong.

I have also noticed some aircraft with the landing gear down and the airport is about 15nm from my school but these were them MD-11 from fedex.