Just look at some of the quilts posted on here, and you will begin to get an idea of the color possibilities. Some you will like better than others, of course, but that's to be expected. There are a number of good sources online for learning about color and fabric quality and thread, such as Janet Wickell's
http://quilting.about.com/od/colorfa...olor_value.htm and some of Penny Halgren's articles at her site
http://www.how-to-quilt.com.
Those are just two of many places you can learn. Aside from that, there's enough on this site to keep you busy for a long time.