Since the last post, I am now down to just under 36", and the ol' beer gut's circumference has been that way for about five weeks now.
After three months of mostly walking, I added some jogging and light weights (my apartment complex's gym is low-rent and smelly, but all I need are some dumbells). Mostly, I do a lot of reps with the little barbells (depending on what it is, between 5 and 15 pounders), and since I used to be a butterflyer, I have been doing short sets of butterfly motions using 5-pound plates for resistance. I think the key for me has been not taking any rest between sets.
Basically, after jogging for about 45 minutes or so around the neighborhood, I come back and do shoulder and tricep exercises and bicep curls in sets of 12 reps (or 24 if I can only do one arm at a time). It seems to be working; all told, I think I've lost over 20 pounds.