Read our lips: there's no way to spot reduce!

Trust me, as someone who is carrying around about 10-15 lbs of extra skin, I wish it were true, but it just ain't!
Really, the best way to see a change is to lose weight all over. Doing a mixture of cardio and some sort of weight-bearing exercise at least 3 times a week for 30-40 minutes at a time is an excellent way to see benefits.
I was always told that you should drink at least eight 8-ounce glasses of water per day. I drink about 80-96 ounces per day.
Good luck - I could use a little myself!