Is this the correct way to say "I practice Chinese with my friend"?
Nope. The correct statement is: （我）跟我的朋友一起练习说汉语

This is because Chinese is an SVO language, and we have:


我 subject 1 (S1)
跟 conjunction (&amp;)
我的朋友 subject 2 (S2)
一起 adverb (A)
练习 auxilliary verb (aux)
说 verb (V)
汉语 object (O)


Syntax: S1 &amp; S2 A aux V O