Fat/Weight loss help...

I was a wrestler in high school and weighed 160 in March of 2000, now 3 years later I weigh 250. I am only 5' 8" and am unsure of my bodyfat but I know it is very high. I feel that I can never get back to 160 because I have put on some muscle since then and I was extremely "sucked out" at that weight but I would like to get back into the 1's (under 200). I am looking for tips on a way to diet and workout to lose a lot of body weight. I want to lift light to keep muscle and stay in shape. Any help would be necessary. I also am curious if any supplements would effectively aid in this process. Thanks