Hey gamescay, first you need to know why your ranks drop. Was it because you got penalized? Your competitors started ranking better? If it was a sudden drop of traffic, then chances are you got somehow penalized. Either by any of the Google updates, or just a regular algorithm drop in rankings.
If you suspect of any of the Google updates (Panda has had 25 as of today) a handy tool to use is this: sistrixDOTdeSLASHgoogle-updates You just feed it the URL of your website and it checks if it was hit by any of the algo updates.
If some version of Panda ate your site, then keep in mind Panda is a content and user-metrics based penalty, you have to get rid of any thin or duplicate content you have on your site (articles should be 400 words minimum, good grammar and spelling, no spun-garbage, with pictures and if posible related video), go easy on the ads above the fold and improve your user metrics. To improve my user metrics I am using right now pandabotDOTnet, there is a thread about it here: blackhatworldDOTcomSLASHblackhat-seoSLASHblack-hat-seo-toolsSLASH568908-pandabot-net-guaranteed-search-engine-traffic-any-google-variants-moreDOThtml
Hope it helps