I guess depending on how good you are at Math and English, you'll have to put in more/less time studying. Either way, though, for a 700 one would probably have to put in plenty of time.
I didn't study so much (or maybe I thought I did, but after studying for the CPA the word "study" takes on a whole new meaning) because at the time the school I was applying to didn't require a very high score and I also knew I was probably getting in...I ended up going to a different graduate school, but I think the score I had gotten was pretty decent compared to the average GMAT score in that school...
The website I gave you in my previous post is "The Official GMAT Website" - it has what's on the GMAT, scheduling, study material, what to do after, etc...
....Passed....
FAR - April '11
AUD - May '11
REG - July '11
BEC - November '11