Luke's right on the extension effect. I use my left hand to hold the extension so it stays in line with the bolt. Also, u-joints will reduce your torque values.
If you're using a cheater on the wrench (not recommended) the conversion formula is:
Length of wrench with cheater divided by length of wrench without cheater times the torque reading.
To convert from inch-lbs to foot-lbs divide by 12, from ft-lb to in-lb multiply by 12.
also, torque values specified are for threads lubricated with engine oil. Dry threads have friction, but the amount varies with the finish and material. If anti-sieze is used, reduce the torque value by 10%.
Here's a good website on torquing.
http://www.arp-bolts.com/pages/tech/fastener.html