An in-flight or an on the ground engine fire is a type of emergency that few pilots practice for. In fact, many pilots may not be aware of the proper procedures to follow in the event of a fire.
Hence Jason Schappert, the bloger behind the MzeroA blog, has recently created a video podcast that covers the basics of how to deal with an engine fire. As Jason explains, you must first consult your checklist and switch the mixture to cutoff and then shut off the fuel shutoff valve, master switch and the cabin heat/air. Jason also reminds pilots that the airspeed used during an emergency descent will vary according from aircraft to aircraft and that pilots need to always consult their landing without power checklist on the descent. And of course, the key to surviving an engine fire in flight is to simply remember to not panic as the fire may extinguish itself during the descent.
Always a handy to be reminded about these things, especially as it's the kind of thing one tends to put at the back of one's mind for variety of quite logical reasons!
BTW did you listen carefully to the ATC used as the background intro and outro? There's a great little comment from the rather stressed guy in the tower at the very end.