Hello!
If you are 40lbs overweight, I would not recommend any high-impact weight bearing activity (like jogging) until you lose some of the weight.
Many people have had success with the Body for Life plan and if you get the training diary along with the book you can pretty much turn your brain off and follow the numbers.
For weight lifting, you may also want to consider lifting medium weight for 2-3 sets of 5-8 reps each set. But instead of resting for 2-4 minutes between sets, start with a 2 minute rest and shorten the rest break until you get to 45 seconds. Change every 2-3 weeks. So...
Rest:
2 min (120 sec), then
1:45 min (105 sec), then
1:30 min (90 sec), then
80 sec, then
70 sec, then
60 sec, then
55 sec, then
50 sec, then
45 sec.
Since you are doing some medium to high intensity stuff already (basketball), just walk for 20-60 minutes on a flat surface other than concrete (roads usually have a crown). Start at 20 minutes 3x per week and work towards 45-60 minutes 5-6x per week.
That is only going to get you halfway there. The other half needs to be cutting calories. The #1 way to reduce calories is to eat smaller portions. Read the back of the foods you prepare (or are prepared for you). On the nutrition information, they indicate what constitutes 1 portion. Only eat 1 portion. I found that I was eating 2-3 portions for dinner instead of 1. When I reduced portions, the weight went down.
Go to Subway instead of fast food. Order a 6" sub instead of a foot-long. Drink light beer instead of regular (Michelob Light and Amstel Light won recent taste tests). Drink Diet Coke instead of regular Coke. Drink water instead of sodas all-together. Drink water instead of snacking.
Hope this gets you started,
James