Depends a bit on conditions and whether you are driving a front or rear-wheel drive vehicle. Generally speaking, you should steer into the skid, and lift off throttle (in rear-wheel drive). In front-wheel drive, do not lift off throttle completely, but keep power on to pull you out of the skid. Obviously, as the car comes out of the skid, straighten the steering.
On ice, it is possible at low speed to control the skid by balancing the understeer generated by the front wheels by creating oversteer pulling on the handbrake. This can ONLY be done on front-wheel drive cars, AND AT LOW SPEED!.
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