the cutting i sooo much fun if you buy a rotary cutter, square ruler and mat :D but they're not cheap, so pre-cut is a good way to start to see if you like it before you splash out.
do you have a walking/even feed foot for your mahine? it's not essential for the piecing (sewing the patchwork together) but it is gfor the quilting unless you're only doing a doll-size quilt.
quilts are usually sewn with cotton thread, so it's not any stronger than the fabric (easier to re-stitch seam than replace shreaded fabric) but honestly, your first quilt is unlikely to be an heirloom so don't fret too much would be my advice over everything, just do it
it's quickest to get all your pieces stacked up how you want to stitch them (right sides together) then "chain piece" them one after the other without cutting, then just snip them apart. you don't have to mark everything, just sew them with a 1/4" seam allowance (usually you'll find this is the width of one of your standard machine feet). i love quilt sewing, it's really easy ( well, i did just have to unpick a load of quilting cos i stitched the wrong bit together ).
keep going like that until you have all your bits together, then sandwich with wadding and backing. so far i've only used 80/20 cotton/poly wadding and it works a treat. mark your quilting pattern in water-soluble pen, pin everything together with a billion safety pins then use a long stitch setting to go down all the lines with your walking foot.
this is the bit that can get tricky if it's a big quilt (i've only done baby ones so far - i'd recommend them, cheap and quick) as you have to manhandle the quilt through the gap in your machine. start in the middle and try to work so you never have more than half the quilt under at any one time.
chop off the wonky edges so it's roughly square and if you're not sure about turning corners with a binding don't! just do straight strips overlapping on the corners and hand sew them neatly down after.
i just picked up a random quilting book in our local bookshop for a how-to (it was the only one they had ). purl patchwork online has some beautifully clearly illustrated tutorials - go here and scroll down to the patchwork and sewing tutorials on the right.
and ask us any questions here. quilting rocks