I'm new to the CEH exam and just finished reading and studying a Sybex book that would prepar someone for the 312-50 and EC0-350. I saw a lot of talk about CEH v7 and wasn't sure which exam the study material I have would map to?

I'm going to start doing labs and setting up some stuff at home, I just wasn't sure what was on the test or what was mapped to the one I was going to hopefully take.

I heard that there was a lot of weird questions in the CEH, should I wait until the next one comes out?

The most important part is not the certification but the training and especially the homework you'll do.  You can get the cert without a lot of effort, but it's what you learn doing your homework and practicing ethical hacking that makes a difference.

Very noobish question, yet again.

Does the CEH have a hands on aspect to the exam? Also does anyone have any particular areas to focus on before taking the exam from experiance? Is this just mostly memorization?

*j0rDy takes notes on the FTP server that BillV is running on his internal network* 

i suggest to wait, i hear great things about the V7 version of the course, and ofcourse it will be more material and probably a harder exam, but it is all about the things you learn, and i think you will learn a lot more from the new course. Good luck!