Read the title and abstract. Then read the statements of the main theorems and corollaries (skip the lemmas and interstitial commentary at first). At each step, evaluate whether you want to continue or abandon the paper for whatever reason (not interesting, not relevant, whatever).
Finally, if you made it this far, read the whole paper word for word with a pen and paper (or chalk + chalkboard) handy.
For longer papers or books/theses (say, 20+ pages), do this whole process on each individual section/part/chapter that you want to consume.
It also helps to have a reason to read the paper besides curiosity. I find things that are relevant to current work to be easier to get through than more peripheral sorts of things. Having a colleague to discuss things with also helps.
Edit: Although it may go without saying, all else being equal, a better paper is easier to read than a lesser one. But, really, content is king.
For physics: "Okay, this paper is from so and so, yup, same facility and equipment as the previous one. Theory section, same basic overview, skip to the end for what makes this experiment worthwhile? Anything interesting in their analysis, and how good are their statistics? Did they show the usual set of diagnostics plots for the type of analysis they did, and if not, what are they trying to downplay?"
I've heard arguments that one should leave the abstract until the end, since it sometimes pushes a story harder than the data necessarily warrants, and so if you come to your own conclusion about what's going on in the paper, then check to make sure the authors claim what you feel is supported, you're less likely to be misled. Probably this makes sense for reviewing a paper, but for most things, I'd rather find out quickly if the paper is even relevant to what I'm working on.
You have to read the abstract. It's the intro and conclusion you can skip.
my phd advisor started by looking only at all the displayed formulas. If there was nothing interesting or new, he would not bother reading any sentence of the paper.
I try to do the former but the work seems so boring that I am hardly motivated to do this more.