Slow steady-state cardio exercise almost does nothing for fat loss. A "typical" 30 minute (light jogging) bout of steady-state cardio exercise on average burns 300 calories. As soon as the 30 minutes are done the body quickly gets back to its' resting metabolic rate. If the same 30 minute cardio is repeated day after day, the body adapts by becoming more efficient at burning calories. So basically each time the same 30 minutes is repeated, it burns less and less calories. Not too good for fat loss.
Enter resistance training.
Now try to follow me on this. This information is pretty complex. (heavy web blog sarcasm here folks!)
Lifting weights will build muscle. More muscle burns more calories at rest than less muscle. Now you have an increased metabolism. Wow!
This doesn't mean curling 5 pound pink dumbbells. This means real lifting with the main goal of getting stronger. Lifting 5 pounds means you can lift 5 pounds, and I don't care how many times you can lift 5 pounds, it is still 5 pounds. If you just focus on getting stronger, things usually fall into place as far as fat loss goals go.
Do "big" movements that target large muscle groups when lifting weights. Squats, deadlifts, presses, and rows should be your staples. Remember, however, that using 5 pound dumbbells don't count...especially if they're pink!