It should be a proper mix of both !! http://www.managementparadise.com/forums/images/smilies/SugarwareZ-221.gif
Else it will become http://www.managementparadise.com/forums/images/smilies/SugarwareZ-008.gif
Hmm anyhow u r going to debate because I sound too diplomatic...
It should be a mixture of both ,
Theory First and then comes the Application.
Theory is little , but applications are vast.
Hence its possible to study theory in class and applications in real life.