For the love of all that is holy, don't use any freaking java applets. I want to kick those damn things in the neck.. damn they suck.
As far as design goes.. just keep it simple. No wack ass glows or super drop shadows. No corny animated gifs. No ugly flash elements. Just do what you can, and don't place things on your site just for the sake of having them on there. Everything on your site needs to have a purpose.. if an element doesn't mesh with the big picture, axe it, cause no one wants to see it.
As far as colors go, check out the color schemes of professional sports teams. They pay color specialists big bucks to research complimentary colors. I need to get that job, by the way.
Make sure when you save photos, don't resave your jpgs over and over again.. it'll degrade the quality every time. Keep a master psd and save off of that.
Buy an art/design magazine and check out the newest trends. Alot of the times you can pick up a small element that will really make your site stand out.
Use your background element creatively, but please don't use an ugly ass tiled pattern. Those are so 1998.
Just have fun with it. Experiment with all the features in Photoshop.. its your most important ally. I've been a graphic designer since I was 15, but I didn't know jack crap about how to design websites until I got my first job to produce one. But since then, I've made my living off of site design.. working for companies like the NFL and Snowball, and designing sites for lots of people in the fitness industry. So just take your time and be open to new things.. who knows where it'll lead you.
Just don't try stealing any jobs from me if you end up being some design savant or something.