Hello Nerve, I'm also a newbie here on the forum, so I know your situation, I will try my best to share what I know about autoblogging and guide you as good as I can, but sorry for my english upfront, not a native english speaker, so here we go.
1-choose a hosting service for your blog system, in this case wordpress, make sure they offer cron, but if they don't it's fine, we can use external cron services for that.
2-identify/choose your niche and buy your domains, here are some tools that can help for this: Google keyword tool , wordstream tool
3- choose your metrics tools to track your traffic and your seo efforts (piwik , google analytics...)
4- Select your wordpress plugins: I use WP-O-Matic , All in one SEO , Twitter Tools, Simple-Pie core, SEO Title Tag , SEO Search Terms2 , Adsense Integrator, Intense debatte, Piwik-Wp, XML-Sitemap.
5- Choose the template you want to use, focus on a simple and clean template, No noisy template with special effects and full of Jquery stuff.
6- Choose your source of datas (use technorati , blogcatalog, google blog search, article directories , tumblr directory...etc ) to discover blogs, make sure to choose those with a common creative licence (That's what I do) or ask the author if you can reblog his articles.
7- Create a list of the source matching your niche with their rss feeds url
8- Go to feedsapi-TLD , and pass each of those feeds in the service, it turns excerpts articles in full text articles and clean all the mumbo jumbo around to give you a very clean article (that's what I use and it's free at this point), there's also an alternative with yahoo pipes, but keep in mind it's more or less a hack and extremely instable(yahoo pipes itself being instable + you need to be very technical and patient to use the yahoo pipe option, I'm very techniocal but just gave up at that after reading the tutorial here), so I'll stick feedsapi-TLD + I've tried some article behind paywalls and could get them fetched
9- Copy all the newly generated feeds urls from feedapi in feedburner to make the urls look better (this is just for your user experience, it works even when you don't clean the url in feedburner)
10- Install your wordpress blog, install the plugins (very intuitive and mostly self-explanatory)
11- Activate and configure Wp-O-Matic (intuitive) , enter your feedburners/feedsapi rss url in the wp-o-matic admin section, and set the post frenquency. BUT if your host doesn't support cronJobs, use the cron url from Wp-O-Matic with an external service: I use setcronjob-TLD , it's very reliable so far and free for my needs (I think 100 cron jobs/ month) but if you make money, you should buy the pro plan just to encourage the guy behind it ($10/year for the silver plan is not the world)
12- Do your SEO-ABC
13- Watch your traffic grow and implement the monetisation strategy: Adsense / Affiliate marketing/Amazon
14- Rince and repaet for the next niche.
Good luck, I hope I could help, feel free to drop me a PM if you have any additional question, I'll be happy to help.