First off you should try the search function on the boards

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Cut = low bodyfat. To a certain degree low bodyfat has nothing to do with what type of exercise you do, its just the proportion of fat you have v's the rest of you. Exercise of any kind is just a mechanism to move that proportion. That said obviously some exercise types are better than others.
What it comes down to is that running (or any cardio) burns fat while you're doing it. Weights burns fat while you're doing it, but also increases your metabolism which means your body burns more fat (well, energy) the rest of the time as well.
Rep/Weight scheme has a big factor in determining your appearance. For instance if your amount of bodyfat stays the same, then by increasing muscle mass you in fact lower your percentage of bodyfat. Put another way the smaller your muscles, the more fat you need to lose to bring them out. The type of weights can also have an effect on how your muscles look both at rest and in motion. If you want to look ripped it helps if your muscles look full and ready for action!
As for running though (or any cardio) its generally accepted that HIIT works best. The general theory is to sprint for a period, then rest for 3 times that period. For instance me, I'll sprint for 30 seconds as hard as I can (in my head I'm thinking the speed I'd run in a 200 metre foot race) then walk/job for 90 seconds. After that I repeat as many times as I can. Always do a good job warming up first of course!
The reason for doing HIIT is it burns more energy in the same time than just jogging for that period does. Since the only way running really helps get rid of fat is through the energy you use while running, it makes sense to use the form of running that burns the most for that period.
Best news is you dont need to spend any money on equipment [img]smile.gif[/img] . Just find a park or oval and go for it! Dont do it every day, do it like 3 times a week or so. You need to recover from running, just like you do weights.