1.) Typical of my I was exploring the program all noobie style and managed to spend most (all but like $2 and change) by randomly clicking stuff and was wondering how I could restart with a new username to fix this problem or if it one of those thing where your were being a fool now deal with it and do what you can.
Deal with it. No harm done, though, as you'll see below.
2.) I assuming you can play at normal tables with any card just by making a deck and loading it. I'm also assuming that buying boosters and starters has some functions other than just building a collection. I'm also assuming when tournament are held you have to use decks from the cards you collected through buying the boosters and starters for virtual currency, is this correct?
Not at all. Most tournament the guys on the site hold are played with ANY cards you want. Of course, when you play a game WITHOUT proxies, you get a promo, so it's cool. Also, for instance, I play only with my wife and a couple friends, so we opt to only play with cards we own. Matter of preference, really. The loser in any game still gets a few bucks, so it's also not a problem if you want to play with whatever cards you have and take a beating. Collecting IS mostly for fun LotR-wise, although if you installed the MtG part you'd see it's possible to play sealed-deck matches, thus making the buying of boosters matter sometimes.
3.) I watched a few games being played to see how some of the actives are and it appears they are speed players. Is there anyone on this site that wouldn't mind a nice, slow, and friendly game so I can get my feet wet and not piss people of by being slow while I figure out the fundamentals on this program.
I believe most people would be ok to teach a new player use the program, it's what keeps the game alive nowadays anyway. I'd volunteer, but I have very scarce time, and nowadays I spend most of it playing Magic, trying to get the most mileage of my 4 Jace, the Mind Sculptor, before it rotates.