Everything in my stash has been washed in hot water and dried in a hot drier. I add a little note to my quilts that says "Wash any temp, Dry any temp". I am hoping my gifts get used, I'm not going for heirlooms so if the fabric fades a bit with this treatment that is okay with me. :-)
All fabric purchased goes straight to the laundry room shelves. The lights get washed pretty quickly because I just wash those along with a load of whites that get washed/dried in hot. The other colors may sit on the shelves a while until I get enough for a load of a certain color.
Then I wash the finished quilt in warm water with color catchers just to be sure they won't bleed when the recipient washes them.