Hi,
I am needing to loose about 60 pounds and would like to do this through diet and exercise, specifically running. I have found a program that set specific time goals of running/walking to help you work up to running long distances, and would like to know if anyone has done this type of thing before? What distance would you recommend working up to in order to maintain weight loss?
Thanks a bunch!

You are on a smart plan by using walking to build up to running. Most people get discouraged with running by trying to do way too much before they are physically ready.
If you can build up a program that lasts 60 minutes per day - and it can be a combination of walking/running - or, when you can run that long, maybe alternate days of each, then you will on a major path to fitness.
Distance is sometimes not the best measure, though you will find as you progress that certain courses will be run/walked in about the same time each workout.
Right now, build through walking, add elements of running, the goal is to run an hour & then you'll have so many options based on only walking or running - or using a combination of the two - for those 60 minutes.

I don't know about distances, but the Reebok ad on the left hand side is right -- you should still be able to talk while you run. When you run too hard, your body uses glycogen (stored sugar) for fuel instead of fat. But if you run at only about 60-70% of your maximum heart rate, and do it regularly, your body will get better at burning fat, and it will help you burn fat even when you're not actively exercising.

Start off slow based on how in-shape you are. Remember that if you've never ran before you are going to take a little longer to build up. Also, if you were in good shape a year ago (or even last summer) you wont be in as good of shape as you used to be, but it wont take as long to get your body back up there.
Think realistically where you are. Run for 5 minutes before walking for 2? Or do you think you can run for 7-10 minutes before walking. Remember, the faster/harder you run, the lower the time will be.
I started running (with no walking in-between times, most people prefer the combo though) for two blocks. I realized this was too easy so I made it 6 blocks. Then 10, and so forth. Within a month or so, I was running 1.5 miles (I have been an athlete most my life). Just take it easy and remember - we all have to start somewhere.