Here's what I have so far:

http://img514.imageshack.us/my.php?image=rangeryi7.jpg

What do you guys think?  I'm not too experienced at making D&D characters, so i'm not sure.  Oh yea, I also took the elf melee trait thing with my 2 action points.

Nothing wrong with what you have done. There are a few bits in there you could tweak, assuming you are going for a Dex based Ranger (i.e. going to put the extra stat points in to Dex).

Dex based - Extra points go in to Dex, better reflex saves, AC bonus, ranged accuracy.

Str based - Extra points go to Str, or split between Str/Dex, extra damage (ranged & melee), melee accuracy.

1. There are two ways to go with weapons as you have quite high Str. As Str is used to determine how well you hit with a melee weapon, you may not maximise your ability to hit if building on Dex, but you can consider getting Weapon Finesse feat, which will allow you to use your Dex bonus to hit. It will only give this bonus on light weapons though.
2. Point Blank Shot isn't a bad feat, but you might find there are others that will aid you better.
3. Taking a -1 hit on intelligence will reduce the skill points you get and effects on items will not change this. Not a killer but it may mean you need to concentrate on certain skills a bit more.
4. Skills - this depends on how you are going to play but if it has a * it is going to cost twice as much so these are probably secondary choices, for me the key skills are Jump (getting up high is great for ranging), Spot (you really don't want anything to stealth you and you can warn others), Move Silently, Hide (MS and Hide are only useful if you intend to stealth, and you need to increase both to be effective). If you have spare points Search can be handy. You can probably avoid Concentration as you won't be casting in melee much, Heal is best from an item you switch as shrines, Swim use an item again if you really need it, Listen is covered by a high Spot. Possible secondary choices Tumble, Balance, UMD.
5. As far as saves go your Reflex will be high, good for traps and dodging aimed magical attacks. Will and fortitude you will need to increase through enhancements if you can, and you may want to consider one of the feats.
6. Favoured Enemy is spot on with Undead first, people then tend to go for Giants and then either Aberration or Evil Outsider. Very important this feat as you can get some nice enhancements specific to favoured enemies.

Just a general comment but Rangers are great all rounders and you can improve this by a good selection of potions on you at all times. Remove blindness, disease, curse etc, and of course you wll be able to use heal and remove poison wands.

Take all of that with a pinch of salt, as there is no right way in DDO, just what works for you.