To reduce body fat, you must create a consistent, long-term caloric deficit, so that your body gradually begins to use up its body fat stores for energy. Aerobic exercise is a good way to increase calorie expenditure. Aerobic exercise includes activities like running, walking, cycling, rowing, stair climbers, aerobic dance and swimming, among others. Energy expenditure is based on intensity of exercise times your body weight. Fat loss really depends on the long-term balance between energy expenditure and energy intake.
Strength training can also help with fat loss.
It is thought that increasing muscle mass will cause the body to burn more calories at rest. Special diets, supplements and exercise machines are almost always more hype than help and are often counter productive. It takes approx 3500 calories to burn up one pound of fat. For most people who follow a sensible program, it is possible to lose 1-2 lbs of fat per week, although I think that is an optimistic figure. Avoid eating large meals late in the day.