1. Break it down into the chords that are being played over what you're playing, let's say it's a loop of G, D/F#, Em, Cadd9, for example.
2. Locate how what you're playing relates to the chord you're playing over either through the scale, an arpeggio, or pattern you're familiar with.
See, if you look at a tab as just a bunch of notes to remember, it's harder than saying, "OK, I'm playing a triplet run up the G Major pentatonic over the first two chords, then playing an 11th arpeggio down the Em chord, and I've got this little pattern over the C."
Also, I like to play along with the band when learning a song. It seems to stick better when playing in context, rather than just trying to play a lick without a band a hundred times.
"You must stab him in the heart with the Bone Saber of Zumacalis... well, you could stab him in the head or the lungs, too... and the saber, it probably doesn't have to be bone, just anything sharp lying around the house... you could poke him with a pillow and kill him."
- Aqua Teen Hunger Force, The Universal Re-Monster
- Aqua Teen Hunger Force, The Universal Re-Monster