Exercising: You must exercise a lot. For me exercising less than five hours a week I begin to get out of shape. At ten hours a week I get into better shape. Between five and ten hours a week I more or less maintain the same shape. My fitness in one area may increase because I am doing the same thing over and over but in another area I will most likely be getting out of shape. Realistically, less than 1% of the world is going to exercise more than 15 hours a week so don't worry about overdoing it just on a time basis. If you happen to have a physically demanding job that is great but you lose weight by burning fat not short anaerobic bursts. What I mean is that you need to get your heart pumping (usually over 100 beats per minute) and keep it that way for an hour or more. Doing something really hard where your heart rate spikes for ten seconds and then is down to nearly normal in five minutes is not efficient at burning fat. You don't have to go fast or work very hard but you have to spend a lot of time doing it. My preferred source of exercise is running. So in summary, I recommend running ten hours a week.
Eating: On this diet you get to eat what you want but you should try to eat healthy. Start by reading labels. High fructose corn syrup is not good for you. Fructose is only dissolved in your liver whereas glucose is dissolved everywhere. Sugar is half glucose and half fructose. Why is this minor difference so important? I mean our brain is fed from the fructose in our liver. Remember that our brain is actually fat. We also have lots of other fats in out body and the fructose that is dissolved in our liver feeds those fats as well. If you must eat some sort of fructose to keep your brain functioning try pasta or an apple. When you shop for food start in the produce section and base your meals around the vegetables and fresh foods available. Add the processed, preserved, and packaged stuff to fill in the meal. Every time you have a craving for something try to figure out why. You did some really physical lifting with your arms and now you are crazing a steak, it is because your muscles need rebuilding. You just exercised for an hour and a half and you want some sugar, it is because the glycogen in your body has been used up and you need more glucose. So if you eat mostly healthy foods then an occasional huge ice cream or something will not make too much of a difference. Besides if you run ten hours a week (burning 5000-9000 calories a week) a 600 calorie indulgence twice a week is not too bad. Finally, do not beat yourself up for eating something high in fat and sugars. The key is to try to eat healthy for the rest of your life not just until you lose 20 pounds or whatever.
Disclaimer: I am in no way certified to give health or medical advice. You should go see a doctor and other qualified medical professionals. Everything I just said could be completely wrong and you could get hurt or die. Also, this is a bit of a satire because I can not even convince my friends that run competitively to run ten hours a week.