Hi im in college, so I have hardly any time to practice guitar. SO my question is, what would be the best exercise for improving all or most of your technique, that I could practicewhen I only have like 15 minutes a day to practice? It can be from a song or a stand alone exercise, upwards of a minute. The best one I can think of at the moment is the Necrophagist practicing lick?
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There's no such thing as "best".

What's best is to ensure you keep your practice routine varied and also make it efficient, no point just practicing the same thing over and over because all that happens is that you get good at that one thing.
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...it's a seagull

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Play scales and arpeggios using various techniques like sweep picking, alternate picking, economy picking, legato, string skipping and tapping, depending on what technique you want to develop. Pick a scale you like, and build your own exercises around it. Sometimes, the exercises don't have to be based on a scale. You can do stuff like playing one pattern on all the strings, or lick that ascends and descends chromatically. To insure you a have a certain technique "down", make sure you're playing is clean (noise-free).
Dude, you cant say you have NO time to practice. In my opinion, 15 minutes is not practice. Coz you'll probably need at least 10 mins to warm up! How many hours do you sleep? Cut it down 45 mins and put that into your practice. Then when youre ready to put in more time, there's a lot to practice.

Like seagull said, there's no such thing as 'best' exercise. Decide what kind of music you like and just look around for related material.
Learn solos that are technically demanding. Take your time learning each bit slowly until you can play it at the speed that you're after.