Sequencing is really just a way to play a scales and have it sound more musical. Lot's of flashy stuff, like 80's guitar solo's, is basically just sequences. It's a very good way to practice scales, since you have to think about them much more than you would just going up and down. And it sounds much cooler. I learned this on bass, but it's not at all instrument-specific.

Sequencing a scale is very simple. first, you pick a number of notes, 4 is good. Now, starting on the first note of the scale, play 4 notes. Next, start on the Second note of the scale, and play 4 notes. Now start on the third...etc.

So, with a C Major scale, you'd play

CDEF DEFG EFGA FGAB GABC
1234 2345 3456 4567 5678 (scale positions)

To go back down, you start on the 8th note, and play 4 notes the other way, then start on the 8th, etc... like so:

CBAG BAGF AGFE GFED FDEC
8765 7654 6543 5432 4321

here it is in TAB:

g-------------------------2-----2-4---2-4-5-----5-4-2---4-2-----4------------------------
d-------2-3---2-3-5-2-3-5---3-5-----5-----------------5-----5-3---5-3-2-5-3-2---3-2------
a---3-5-----5-----------------------------------------------------------------5-----5-3--
e----------------------------------------------------------------------------------------

There are other variations, like this one, which is kind of a mix of the first two:

4321 5432 6543 7654 8765

and descending:

5678 4567 3456 2345 1234

Obviously, you can do it with any number of notes, not just 4, using any scale, and you should play it in more than one octave.