I think we should just find the ancient alien machine that resides inside some martian mountain, and put our hand in the activate pad which will lower very hot rod type things into the frozen water that is below the surface, thereby generating water and oxgen, making the atmosphere breathable etc.
Of course to do that, we'll have to get rid of quite a few greedy business men who don't want the machine turned on because it is against their financial interests, and then those business men will obviously have quite a few drone guards trying to stop us too, and someone will have to have their memory wiped and wrap a towel around their head to block out a GPS signal type thing, and we'll also be in league with the mutants that are against the evil business men.
Hang on... I watch too many films.
On a serious note though, I think terraforming mars is something that will be done in the future. Possibly out of necessity, but it is a long way away yet. Moon colonies will posisbly be first, then Mars colonies. But terraforming a whole planet I imagine will be a difficult process taking a very long time.
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