Sahz,
I have a copy of that Bible. I agree, it's very good for study.
raining,
This is how I study. I start by flipping to a random passage. Then, I place the open Bible over my face for an hour. This allows me to absorb the God's word through osmosis. After that I pray over what I've absorbed.
Kidding, of course.
Actually, my wife and I have been selecting books of the Bible and reading through them together a chapter a day and then discussing them. I am also involved in a class through our church which requires study of the Bible as well as resource material.
Study guides, note taking, highlighting, journaling and such are all wonderful tools to enhance your Bible study. The only one that stands out for me is meditation. I don't mean the kind of meditation practiced by the world. Rather, Biblical meditation is just that; focusing your thoughts on God's word.
I've got a couple of books to recommend for you:
1) How to study Your Bible, by Kay Arthur
2) Spiritual Disciplines for the Christian Life, by Donald Whitney