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Here's what I do, in this order. Note that this will not work nearly as well for "subjective" subjects like English, but it's great for math/sciences/engineering:
1. Do all the problems that were assigned as homework, especially the optional ones! This is what the profs think will separate the people who care from the people who don't... perhaps they've got a reason for that...
2. Go through the midterm, hopefully you've got the answers, make sure you've got every question right (applies to above, also).
3. Write any past finals you can find, starting from the most recent (if questions are going to be repeated, it's probably from -older- exams).
And, two miscellaneous things that've worked for me:
4. Study with a friend, in a place with a relaxed vibe (note - I don't mean study hall, we tend to do this at Tim Hortons until they kick us out It's great if you can find a somewhat-upbeat place where tons of people are studying, at Timmy's there are lots of people to keep us focussed but also lots of babes if we need a distraction. ).
5. Try to do an entire problem set/exam without looking at the answers until you're done - it'll help you catch stupid careless mistakes that you wouldn't notice otherwise.
I think neither me nor my friend ever get less than 80% in a course with this, so it must count for something...
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