Revision Process or Exercises

There's plenty of tips out there.
Holly Lisle has her own one pass method (http://hollylisle.com/fm/Workshops/one-pass-revision.html) and I'm sure Mur Lafferty discussed revisions in her podcast "I should be writing" at some point. Is there a particular issue you're having trouble with? Not every method works for everyone.

If you want to see how other people might critique your work post some of the first chapter in the Share Your Work section. It's surprising what some fresh eyes will pick up and you might also pick up a few editing tips, too.

Also, have you tried reading it from back to front? Or starting in the middle and editing the second half first?

Isaac has a good idea here. You should try putting this up for a critique. If you don't like your work to be publically visible, you could sign up for a paid account at Critique Circle.com and invite a dedicated group of reviewers to the queue with your work. If you haven't revised all the problems out, they should have an idea on the stuff that still needs fixing when they read it.

It's a harder question than it sounds, because each writer has different issues that need to be worked through. And not only that, each book might be different from the last. For example, I always run short, so one part of that stage for me is to add material. I have to add subplots and work on expanding scenes to make word count. Other people have to take a weed whacker to their novel, getting rid of unnecessary subplots and shortening scenes.

Some suggestions:

Let the story sit for six weeks or at least a month. Some problems will jump out at you because the book will look different.

As mentioned, get a crit of the first chapter. Any problems the critters point out are likely to be in the rest of the book. But you should also do many, many crits yourself. That'll show you how to revise more than anything else because you'll see a problem in someone's piece and suddenly realize, "I did that, too."

Read the Learn Writing with Uncle Jim thread: http://absolutewrite.com/forums/showthread.php?t=6710

I've found it helpful to read my work aloud (this utilizes a different part of your brain; you'll be surprised at what you find!).

I've also found printing out a hard copy helpful when line editing.

And if your eyes are about to bleed, let someone else have a go! I second the suggestion above for SYW.