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Well, firstly you have to have talent. You can waste your whole life on it but if you lack talent, it's useless. Secondly you have to be able to tolerate the tedious aspects of the game.
I cannot imagine a bigger waste of time than becoming a GM. There is ZERO reward for becoming one - no money in it. Also, there are lots of mediocre GM's out there. Ultimately, talent is everything.
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If you are REALLY serious, I would study Fine's Basic chess endings from start to finish. Then go thru 60 memorable games, study Averbakh and Nunn's endgame books, and then great games of all the champions from Morphy to Kasparov. I would focus on the endgame and build from there and dont touch Nimzovich until you hit expert or it will cramp your style
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I believe Fischer's advice was to play tournament games and concentrate as hard as you can during the games. I think this is very sound advice as well. Technique is also very important. You HAVE to have patience for the tedious aspects of the game. A positional advantage is meaningless unless you can convert it into a win. Yefim Geller for example was a superb technician and he was able to beat stronger players simply because he knew his technique
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In Iceland its very good to be GM..not everyone know this but: THE GOVERMENT pays GM good money each month..only thing they have to do for it is to stay small active and teach a litle bit every year. Iceland is the correct cauntry to be a GM in chess but it cost rather much to travel to play in tournaments in other cauntrys...we are so faraway... 
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Gambit, have you ever had the chance to meet Fischer? Do you play blitz on ICC?
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