Cellulite can be genetic or due to lack of exercise and bad diet, however, there are definitely ways to minimize the appearance of the dimpling. One statement I have heard regarding cellulite is that it is fat that is not supported by muscle. So from that one would derive that if you had more muscle supporting the fat, the appearance would be less noticeable.
Diet and exercise are the most important factors, but the main question is what sort of exercise. It is easy to say watch what you eat and add in some exercise, but realistically most people need a little more information than that!
Cellulite does not necessarily mean that you are over weight. Even thin people can have cellulite. If you already have a relatively healthy diet that is low in fat, low in processed foods and high in good quality protein and carbohydrates including fruit and vegetables, then chances are that it isn't your diet that needs looking at.
In that case exercise will be the key. So in terms of exercise a lot of people will opt for fat burning such as walking, running, aerobics etc., however, it is also very important to add in some strength training in order to build up the amount of lean muscle in your body. The muscle will help support the layer of fat above it, giving it a smoother appearance.
I would definitely suggest a combination of cardio and toning, so perhaps some sort of interval training. If you are unsure what exactly that is you might want to look into getting some workout DVDs that are based on interval training. The Firm has some awesome workout DVDs that are fun to do and highly effective in fat burning and building muscle.
If you don't like working out at home, then perhaps doing classes at the gym would work. Or, if you like exercising outdoors you could do some interval running or cycling. The main point with interval training is to do segments of high intensity, followed by active recovery segments of lower intensity. The high intensity segments can be to the point where you literally can't go any more. So with running, you would sprint all out until you literally can't go any more, and then slow right down to a jog or even power walk until you just recover and repeat. Interval training can be done using any cardio equipment and is extremely effective in burning fat as well as increasing your fitness level in relatively short amounts of time.
So in answer to the question, if you exercise right and eat right you will notice a considerable improvement to the cellulite. It may not go away completely, but it will be less noticeable.