I have a thread in the diet section where I'm documenting my progress. The diet I use is a bit on the advanced side for maybe you guys.
So I suggest just drinking 1.5 gallon of ice cold water a day, helps move some fat because your body will fight to stabilise the body temps, cut all junk food, eat more smaller meals a day. Replace starchy carbs with more veges. find out what you can eat to maintain your weight, and then just eat a tiny bit less. If your losing more than 2 pounds or 1kg a week then your losing a lot of water and muscle.
You gotta hit the weights, extra muscle burns extra calories, but you may actually gain some weight from this, as long as its useful muscle though then it will be of an advantge. Train for power, and not size. When you get strong enough start jumping around with some dumbells at home, or even better get some of those weight vests and jump around.
And start doing interval sprints - this will help you burn the fat and build up your legs and calves too!
Just don't starve yourself though - I've been there and while I lost lots of weight my vertical stayed the same, but my one legged jump did improve. You don't want to lose any muscle
I've read that as you get leaner, there is less friction from intra-musclar fat, so you gain extra power from that too.
Anyway my theory is, for every 2 lbs of fat you lose, without losing any muscle, you should gain at least 1 inch on your vertical.
Just strap a 2lb weight on yourself and jump, sure makes a difference doesn't it?
One interesting thing I've noticed, if you squat heavy for a few reps, and then jump imediately after the squats like within 10 secs, you can actually jump higher than normal! Your legs feel like they have extra kick from the stimulation.