Thanks for your advice guys. I am going to go ahead and order a new tire with a couple of tubes and tape. I'm gonna keep the stock 700x32 on the front and plan on getting a Michelin Pilot Sport 35c for the back. I'm gonna get some slime tubes and Velox Rim tape for both tires.

One of the reviews says that the tire actually runs 38.5mm mounted but that should be fine since my Timeline runs up to 42c tires. Everything should line correctly though for me, right? My stock rims should fit the 700x35/38.5c just fine right? I'm sorry for my ignorance, I'm learning as much as I can for my new love of biking.

BTW, after replacing the stock rear tube with a walmart cheapy I got ANOTHER rear flat. I put another tube on it and also readjusted the crappy plastic rimtape in hopes that this tube will last me till the high quality ones get in. Once again it was just a tiny puncture hole near the seam of the tube. But it wasn't a blowout.

Edit: The tire sizing chart at http://www.sheldonbrown.com/tire-sizing.html#width answered my question of the tire fitting. Looks like I'm in luck