Welcome Matt, I too was brought out of my dark age with the release of the CMF, though I had always bought the odd set here and there over the years.
If you are looking to acquire the complete 7 series I would strongly suggest starting with series 1, as this one is getting expensive, about $150AU on Bricklink.
If you didn't know about Bricklink before now then welcome to the darkside, affectionately referred to as cracklink for obvious reasons.
MOCing is indeed the correct term and it's a great road to go down. The community here is great for feedback and help on achieving your building goals remember the more you build the better you get.