Welcome to gyne.org, Jason.
Yeah, if you're that heavy, I think you definitely need to go at things more realistically and a bit slower. If you make yourself too miserable, all it's going to do is make you want to quit the diet and exercise.
For losing weight, dieting is going to make the most difference. So that's where you should really concentrate. Obviously, exercise can help in losing weight, but it's nowhere close to dieting.
I would recommend starting off slowly on the exercise, otherwise, you'll not only make yourself miserable, but you'll risk injury if you take on too much, too fast. I'd recommend walking for at least 30 minutes initially, and during that time, occasionally break into brief, but fairly intense, jogging. Then go back to fast-paced walking and continue to alternate the walking/jogging for 30 minutes. Then, you move up from there. Increase it to 45 minute intervals, and gradually increase the time you're running.
Personally, I think 2 to 3 hours of exercise for a beginner really isn't very realistic...much less every single day. Joining a gym would give you a variety of things to do instead of just walking/running. Everyone needs at least some weight training and it's great for increasing your metabolism. You can also swim at the gym and that is great exercise. And invest in some dumbbells that you can lift while you're just sitting around watching TV. They don't have to be really heavy. 15 to 20 pounds are great for doing reps. You'll be surprised at how every little thing you do helps. And don't forget pushups.
As far as the diet, I'm no expert in that, but it all comes down to counting calories, trying to burn a lot of what you take in, and watching the fat. It's tough and it's not fun, so you have to be committed. Don't try to deny yourself from EVER eating things you enjoy or your diet will be unsuccessful. Nobody can eat like that the rest of their life. That's why most people who go on diets will lose weight, but ultimately wind up gaining it right back, and more.
So allow for some enjoyment now and then. Personally, I like to diet pretty strictly on weekdays, and loosen up a little on weekends. But everyone has their own little things that work best. The great thing about exercising regularly is that it allows you to cheat occasionally and eat things you want without much damage. For instance, I went to Vegas one week and ate like a pig and didn't exercise at all. I was really disappointed in myself and felt guilty. I was dreading getting on the scale when I got home. But I found that it didn't matter. I thought for sure when I got back home I would have gained some weight. But I didn't gain a pound.
Good luck with it all. Losing weight is the best thing you can do for yourself.