Listen to many different kinds of dance music: drum n' bass, house, trance. Note the differences in the movements, the sounds being used and the length of the songs. Get to know the genre inside and out. Fans can spot a fake.
Read magazine dedicated to dance msusic like "Remix" and "Computer Music." This will keep you on the pulse of the dance music scene as well as give you insight to the type of equipment and techniques being used.
Learn your gear inside and out. Though you'd expect it to be obvious, read the manual. This is often overlooked out of laziness when it fact it can save you a lot of headaches.
Also, frequent forums online. Yes, many times there's a lot of frivolous banter but there's also some good information from the more helpful members. Cut and paste them into a file and try them out. The ones you like, use regularly as part of your bag of tricks.
One way to get a thick bass drum sound is to layer your bass drums. Experiment using two bass drums and mixing levels as well as using different effects on each.
Program different kinds of arpeggiator patterns for your synth lines. Layer them to what kind of different patterns you can conjure up.
To get the fade in and out effect, automate your cutoff while the arpeggiator is going. When you increase it slowly, it gives a sense of excitement as it builds. Decreasing gives the opposite effect.
Another way that's commonly used to build excitement is the subtle addition of instruments. Experiment with different sequences and timing of the additions.
Analog synths being the rave in dance music, lay down a drum sequence and a lead line. Start turning the knobs. Don't limit yourself to one--try two knobs simultaneously. Note the sounds and effects; write down what you did so you can duplicate it when you record.
If you're lacking inspiration, sample a lead line from a popular dance tune, import it to MIDI and try different sounds using the same sequence. Move a note here or there to see how you can manipulate it to be your own.