Whats is the quickest way to lose weight and gain muscle mass?

I am 23, and weigh 170 pounds. I want to lost some weight (its all in my abdominal region), but gains muscle mass as well. Should I run and lift weights? Right now I am doing 100 squats a day (with just my body weight) and as many situps and pushups as I can. Also, should I start taking protein shakes? Any ideas would be really appreciated!

Thanks!

Powered by Yahoo! Answers