I recently passed the Ec-Council CEH v6 exam on my first attempt. There were a few different ways that I studied for this exam and it paid off with a fairly high passing grade.

Things You Will Need

Offical Courseware from Ec-Council
Exam-Cram book for CEH exam
Time to study

Step 1

Dedicating time to study for this exam probably seems like a no brainer, but sometimes it can be harder to do than anything else. I recommend spending around at least an hour a night if possible to dedicate to studying for this exam. Make sure that there are no distractions around you and that you can concentrate on nothing else but studying.

Step 2

There are many different ways to study for this exam. I purchased the official course-ware from ec-council as well as some other books. I signed up for a few security websites and joined the forums there as well. It helps if you are able to set up a test lab. All you really need is two or more computers to really test out a lot of the tools and methods.

Step 3

My typical study week consisted of taking one night to read my books and do the labs. I would also then study some security articles which are available for free online. I would create flash cards to memorize the nmap switches and other command based utilities advanced settings. I took some practice exams that were available in the books, and basically hand wrote out the questions i got wrong to help commit them to memory. I watched many videos and tutorials on security, ethical hacking and counter measures.

Step 4

The night before the exam i reviewed my notes and casually reviewed some flash cards. I suggest getting a good night sleep before the exam. I originally signed up for verison 5 of the exam, or so i thought... I ended up taking the most current version of the exam (v6) and passed with a near perfect score.
I have to mention that my job function does place an emphasis on IT security and best practices. I work with banks and help them pass government audits. I hold the following other certifications as well:
Comptia A+
Comptia Net+
Comptia Security +
Microsoft MCSE
Cisco CCNA
Sonicwall CSSA
Dell Partner Certifications

Tips & Warnings

Don't start studying for this exam blindly. You should have some experience with security. You definitely need to know about networks, protocols, ports, packets, OSI model, and more.
Take your time when studying. The most important thing is not the certification, but the retention of the knowledge. The certification is only a piece of paper.