as many people have started to talk about, i will further emphasize.. this has been posted on several men's health magazines, and arnold schwarzenegger himself admits to this in his 'encyclopedia on modern bodybuilding' - that 'spot reduction' (reducing fat deposits on one specific part of your body) is impossible.
unlike growing muscles (which you can use spot training to grow a specific muscle) you cannot burn fat in similar fashion. fat is lost systematically from 'all over' your body. hence doing a thousand crunches won't burn the fat from your abs, or doing a hundred consecutive dumbell curls using light weights wont get your arms really toned. sure they will work the muscles and burn calories which will eventually give you toned arms.. but the fat will be lost from all over your body, in a systematic fashion..
particularly, males tend to pack on fat (first) around the hips/flanks, and the abdomen.. and this fat is the last one to go off.
the best way to burn fat is cardio. see, 10-15 minutes is great warmup cardio, however it will not give you optimum results when it comes to fat burning.
you must indulge in a minimum of 30 minutes (the more the better) in cardio in order to see some solid results pertaining to fat burning..
i've burnt my love handles off.. and what i can tell you is that its *tough*.. if you're a meso-endomorph/endomorph like me, then its very difficult to get rid of the love handles. but once they're gone, if you maintain the proper diet, then it shouldn't come back that easily..
as for the diet.. keep it a low fat & carb diet, with heavy protein content. make sure you don't skip breakfast (somethign that i've noticed people do when they try to go on a diet). if you skip breakfast, your whole metabolism is going to be slow for the rest of the day, and your body will try to store as much food as it can as fat..
keep carbs to its absolute minimum during dinner.. and try doing cardio 4-5 times a week.. you should be good.
regarding turning a gyne affected chest into 'pecs'.. got a few words on that too..
i have gyne, and before i knew about it.. i used to think that it was just 'fat'.. and so i started working out.. and as of now, when my nipples are hard (like after a cold shower), my chest looks awesome.. perfect pecs.. but when my nipples become soft & puffy.. then it pretty much destroys the profile.. working out WILL (unless you have a really bad case of gyne) improve the way your chest looks.. however it will not 'eliminate' the gyne.. because you can burn off the chest fat, but you can't do any workout that will eliminate the gland..
surgery is the only known option.