Chinese is one the most popular languages to study these days mainly because of China's economy and growing influence on the world. Be aware, though, that learning Chinese is very difficult. First, Chinese is a tonal language. It has four different tones, and each chinese character pronounced in a different ton has a different meaning. And then there is the chinese characters that you will have to study, learn and memorize! Now, the best way to study and learn Chinese is to study Chinese in China. Nothing beats the immersion experience when learning a foreign language. I spent four months in Beijing, China, and without even studying the language formally, I learned so much just from listening to it 24 hours a day and being forced to speak Chinese. Do a Chinese exchange program, or a study abroad Chinese program through your University, or just pick a lovely city in China (there are many) and find a private school that teaches Chinese.
The Internet is making the possiblity of learning Chinese a lot easier for those students of the Chinese language who cannot actually study Chinese in China. There are a number of free Chinese learning websiste, such as Learning Chinese Online. There are also a number of learn Chinese products that you can purchase and even try out for free. Check out InstantSpeak Chinese for free. Or learn how to begin speaking Chinese in the next 30 minutes with Pimsleur-Language Learning Courses.
If you cannot go to China, the best way to learn Chinese outside of taking college courses is to find an exchange partner. Language exchange partners can make for excellent conversational practice. And when you're learning a foreign language outside in a country that doesn't speak that language, you need as much practice speaking the language and understanding it as possible. A native Chinese speaker who is learning your native language is probably in just as much need to learn your native language as you are to learn Chinese. Check out the local community colleges and their E.S.L. departments. There you will be able to find students who are native Chinese speakers that are trying to learn your native tongue. A great way to meet other students studying Chinese is through MeetUp.com. Pretty much every major city has an organized Chinese language meetup group, in which fellow students, from beginners to advanced, meet up once or twice a month to speak Chinese. This is a great place to meet others who are learning Chinese and ask questions. Generally, the organizer will arrange to have native Chinese speakers present. Also check out Yahoo Groups. There are a ton of Chinese groups that you can join. As you are learning Chinese, you can post questions in the forums and get feedback. Finally, go meet native Chinese speakers wherever you can find them! Make new friends, find a boyfriend or girlfriend that speaks Chinese, and your Chinese will instantly take off!!! Best of luck studying Chinese! 
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