Shorty - "NO" do not soak the wood. The way the CS works there's no need to soak it. You'll get plenty of smoke with just plain dry wood. Be cautious not to use too much. That's probably the newbie's most common mistake. If you are thinking of soaking wood, I am assuming that you are used to using an old water smoker or log burner. Some habits are hard to break (i.e., soaking a fist-size piece of wood for a 1/2 hour before tossing it on).
Get a piece of meat with a lot of fat for your first smoke. Butts are wonderful! Two to four ounces of wood is about all you'll need. Four may be pushing it. Two ounces of wood is about the size of a golf ball. I know it seems hard to believe that this little wood will give you a satisfying smoke flavor. Take it from an old Brinkman Water Smoker user who thought 2 oz of wood just wouldn't do the trick. My 4-6 oz of hickory made my first smoke too bitter to eat
Experimenting is half the fun. Start out small and work your way up. And as many have said, and I have learned the hard way, "keep good notes of your smokes."
Welcome to the Board and to the Cookshack Nation! This place is full of information and wonderful people willing to help all have a great BBQ experience!