Forum Moderators: mack
You're correct about the emphasis on page text and de-emphasis of hidden elements such as meta tags.
There are numerous aspects of search engine optimization, including HTML coding, copywriting, link building, and on and on and on. Entire books have been written on each individual aspect of effective SEO, so I don't think you'll find anyone responding in this thread who's able to provide the full and complete answer to your question.
I would respond only by saying this: you've come to the right place. Spend as much time as possible on this board, reading as much as you can, asking questions when you need clarification, etc. I've been here just about a year and my knowledge of SEO has grown exponentially from probably about where you are now to where our company can now offer effective, reliable, and proven SEO services.
So stick around and learn. You're in good company. :-)
this thread should give you a pretty good foundation:
Successful Site in 12 months with Google Alone [webmasterworld.com]
I wouldn't worry too much about linking out right now, links in are what is crucial along with the other content related tips.