For the pubes I just trim away the foliage with a beard and moustache trimmer, I go close but not bare.
For the cock and balls (I've got colorless hairs covering my scrotum and running half way up the underside of my shaft -- the phrase "Semolina Pilchard Climbing Up The Eiffel Tower" comes to mind...) I use a Gillette Mach III Turbo, DRY. It's quite easy that way, and I've never nicked myself. I don't like the sensation of a perfectly smooth shave down there, the few times I tried shaving it with cream, I had some problems with ingrown hairs and zits. Trimming the forest growing in my "taint" area with a dry razor also works well too.
The trick to shaving your scrotum with a dry razor is to stretch the skin out with one hand while shaving with the other. I never get nicks.
It might be different for guys with different hair textures than mine, or with larger, looser scrotums (mine would be considered small even for an average-hung guy, with my unit I look like a eunoch). But this technique works for me.