Step One - Listen to the song until it has really penetrated the heart and the rock hard noggin.
Step Two - Bring the song into Song Surgeon and cut it up into short loops based on each phrase.
Step Three - Highlight the TAB to match the loops.
Step Four - Begin memorizing the first loop by playing along at say, 50% speed until smooth at that speed.
Step Five - Move on to the next loop and repeat Step Four.
Step Six - Play through all loops up to the "Other Instrument" break or middle of the song and bring it up to 90% speed.
Step Seven - Bring in the BakTrak and play over that for the first half of the song.
Step Eight - Repeat Steps Four through Seven for the last half of the song.
Step Eight - Polish up all rough spots and play the heck out of it against the BakTrak for the next month.
Step Nine - Re-learn all the other songs I memorized before, but forgot how to play, while I was learning this song!

How do YOU do it?