It depends on what you want to achieve with the instrument. Guitar is very versatile, you can go in several directions with it. Meaning that each different direction is going to have a different practice routine.

This guitarist, Rusty Cooley...:
http://www.youtube.com/watch?v=J3Eo1bXom2I

...Is going to have quite a different practice routine than this guitarist:
http://www.youtube.com/watch?v=98y0Q7nLGWk&feature=related

Or this guy:
http://www.youtube.com/watch?v=rylMKcXWiIA&feature=related

So perhaps let us know what you want to achieve and we can try to point you in that direction.