Hey ADV JR.
Well this may surprise you.. or not.. but I don't practice much anymore. Not because I don't think I need to, but because of a lack of time.
I probably should keep up with the basic technique/hand exercises but I don't. What I AM working on right now is getting my cd back under my fingers and up to speed since I plan on doing some shows.
However, like anything, practice makes perfect. I used to practice alot. I'd work on technique, theory, ear training (most important), scales, chords, improvising including different genres and stylistic techniques (VERY important). When you add all that together, you start to create your own sound. then I started to record myself and figure out what kind of music I wanted to make. Most of the ideas come from my head first, then on the guitar. Noodling on the guitar is fine, but usually your first instincts as to how a song should go are the best.
A few pointers that I have found useful though:
Don't worry about playing/sounding like any other players. Originality is the most important aspect.
Focus your practicing on what you think is important. For some reason guitarist often equate speed with how good you are. Who cares if you can play 64th notes at 210? Can you write a good song that won't bore peopl eafter 5 seconds?
These thoughts are a culmination of all the things I've learned at GIT and from Vai and from my own experiences.