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It really depends on the college you want to go to and the program you want to go into. I had to take it to get into the graduate program, but the scores were useless. I found out I had to take it on Tuesday, and then took it on thursday. I don't recall my scores, but I passed whatever standard they wanted.
If you want to do good, brush up on your math. Like doing equations, pie, radius - all that fun stuff. I wish I would have reviewwed just because I was getting mad that I couldn't remember some stuff I used to know. English was a lot of vocab and then writing. I would review paragraph formation, topic sentence, bridging from one paragraph to the next - just basic stuff like that. They gave me a couple scenarios, and then I had to write a paper defedning or opposing.
It depends on what your area of study is. Some fields have their own GREs (which I have heard are pretty rough). Most fields just take the same GRE, which is a lot like the SAT. You can take it as many times as you want (although it costs, so I wouldn't want to take it many times). Just buy (or checkout from the library) a practice test manual and go through it a few times. It's more important to know how the test works (i.e. like how it's actually scored and set up) than to spend hours and hours and hours studying (in my opinion). But I'd definitely still do a couple practice tests if I were you.