I'm trying to get chisel for the summer. Right now I am somewhat satisfied from my shoulders up- meaning my traps haha. I want to build my pecks and stock up my back. But most importantly, I want to LOSE THE EXCESS FAT I have that hangs over my elastic on my boxers, in the front and back. Right now I have a weight lifting bar and two barbells. How can I get rid of that fat?

Diet. You can change the shape of your muscles in the gym, but it takes diet and cardio to lose fat, particularly belly fat. Try cutting out all the white carbs (sugar, bread, pasta, rice) and replacing them with lean protein and green vegetables.

When you are lifting weights, concentrate on big compound lifts like squat, deadlift, bench press, bentover barbell row, military press, dips, pull-ups, press-ups, lunges, stiffleg deadlifts, etc. They will burn the most calories as well as building decent muscle.