Taken from:
http://www.salafitalk.net/st/viewmessages.cfm?Forum=19&Topic=8666
The Correct Way of Memorising the Qur’aan and Hadeeth
Question:
What is the correct way of memorising the Qurýaan and the Hadeeths?
Answer:
As for memorising the Qurýaan, then the people differ, from the people there are those that are able to memorise a page, and from them there are those that can memorise both sides of a page; and from them there are those that are not able to memorise except half a page or less (than that), so everyone according to their ability.
From the affairs that which aid in memorising the Qurýaan are repetition, revision and standing in the night prayer with it (i.e. that which you have memorised) if you are able to perform the night prayer. For indeed Allaah, the One free from all imperfections and the Most High says:
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Verily, the rising by night (for Tahajjud prayer) is very hard and most potent and good for governing (the soul), and most suitable for (understanding) the Word (of Allaah). [Soorah Al-Muzzammil 73:6]
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And in some parts of the night (also) offer the Salaat (prayer) with it (i.e. recite the Qur’an in the prayer), as an additional prayer (Tahajjud optional prayer Nawaafil) for you (O Muhammad sallAllaahu alayhi wa sallam). [Soorah Al-Isra 17:79]
Likewise taking from the Mashaykh and memorising at their hands. If you do not find them, then I advise you to stick to the cassettes of the proficient reciters, those whom recite with a sound recitation, and not those who exaggerate as Abdul-Baasit does; rather, the recitation of just balanced sound reciters and not those that (recite in a manner) that was disliked by some of the Salaf.
As for the memorisation of Hadeeth, then they are little easier if it is done without the Asaaneed (chains of narration), so it is possible that you memorise a Hadeeth in a day or two days or three days then act upon this hadeeth, for indeed this aids in making the Hadeeth firmly grounded, then studying with the brothers and lots of repetition.
Shaykh Muqbil Bin Haadee Al-Waadi’ee
Tuhfatul Mujeeb ýAlaa Asilatil-Hadhir wal-Ghareeb, p.157, Dar al-Aathar
Translated by Abu Maryam Taariq bin ‘Ali
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Allaahu, Allaahu Rabee La Ushrikaa Bihi Shay’aan
(Allaah, Allaah is my Lord. I do not associate anything with him)
Allâh burdens not a person beyond his scope.
The Prophet (peace be upon him) also said: 
أشياء جيدة 