I own the book, have highlighted almost every page, made tons of notes, try to put in a lattice work pattern as Munger mentions, also try to use as many of the things I learned in real life. Next step is to put it under my pillow and get as much as possible through osmosis :-)
The one I keep joking with my friends is using "Constraint Mis-reaction Theory" in getting hired. E.g: If one want's to get hired for a position, send in a couple of people before you that are better than on you on paper, and ask them to deliberately mess up the interview. By the time you walk in, you can ace the interview, by interviewing the way you normally would.
If you don't believe me, think of the number of times, you have spoken to folks at various companies and wondered how they got hired in the first place, this didn't happen deliberately, but never the less, no one noticed :-)