Both practice and preparation are the keys to fielding a ball cleanly off the wall, hitting your cutoff man quickly and accurately and throwing out the tying run at the plate in the bottom of the ninth.
So let's start with preparation ... There is no better time to learn how a ball will bounce off of an outfield wall than during BP. Not only should you play a round or two of BP live (off of the wall), but you should take the time to throw a few of your own off of the top, middle and bottom of the wall. I can't tell you how many times I've seen an outfielder misplay and/or overrun a ball that hits the wall which turns into extra bases and extra runs. Learn as much as you can as soon as you can!
What is the correct way to field a ball off the wall? After you have picked a spot the ball will fall due to your preparation, approach the ball with your shoulders aligned to the infield (not with your back/numbers to the infield) and legs beneath you. Do NOT pick up a stationary ball with your glove, but rather stab it ...