Start by monitoring here: http://www.flyertalk.com/forum/mileage-run-deals-372/
Then if you want to get advanced, move on to here: http://www.flyertalk.com/forum/mileage-run-discussion/930922-trick-negotiate-special-savings-lounge-thread.html
And let me know if you have questions. Flight prices are much more adjustable then just about anyone realizes.
I looked into registering as a travel agency once so I could get access to all their flight booking systems directly for myself and friends.
Amadeus is the main one I think; registration was about $40,000 so I canned that idea!
Travel agent booking systems are rarely a benefit anymore, but matrix.itasoftware.com is built on top of one and is helpful for doing complex searches.
i found a really cheap way to not only book flights but vacations in general. Specifically speaking about booking airline flights though. Not only are you guaranteed the cheapest flight but if something changes bewtween the time you book and the time you fly the company will automatically send you a check for the difference. Recently ranked #1. Definitely worth looking into.
I use google.com/flights to search for my flight. You can also use the map and see if maybe flying into a neighboring city then driving is cheaper.
Book flights for Tuesdays and Wednesdays.
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I guess the real hacking comes from breaking down a trip into its smallest parts and finding the best deal by assembling cheap prices together.
As a test example: I used the matrix.itasoftware.com link above to check for the cheapest one-way flights from SYD to LON. The cheapest was around $1100 AUD.
But, using www.flyscoot.com I found a flight from SYD to SIN for $189, then itasoftware from SIN to LON for $366. Total ended up being the same journey for only $555 AUD! Both included all taxes.
That is amazing! And I bet if I did even further research into it I could hack it even further.
I use Kayak.com to get an idea of who flies the route then I start going to the airline websites.