So I have decided to take a chance and pick up SSF4 on a whim because a couple of my friends play it and I want to join in on the Giant Bomb TNT. The thing is, I don't really play fighting games and have not really ever played a Street Fighter game before. What sort of things should I be prepared for and what kind of tips can you guys give me going in? I already know that I am going to lose a whole lot. So that one is covered.

Practice practice practice.  Walk before you run.  In other words, train in training mode and try to do everybody's moves.  Here are couple of pro-tips-
 
1.  Don't jump around like a rabbit.  You are vulnerable while in the air so people can punish you this way.
2.  Block constantly.  Now I don't mean turtling (be in the blocking crouch position 90% of the match) but just know when you are about to be attacked and block it.
3.  Learn how to do Ultras and Supers.  This way, you will be able to severely punish any opponents that are open.  
4.  Stick with a character that you feel comfortable with.  If you are a new player, I would not advise playing characters such as Gen, Hakan, or Abel.  Button mashing with these characters will leave you open and vulnerable to more experienced players.
 
So yeah, just practice with some characters and find one that you think you will be good at.  Then, with that character, train and train and train.  Do the Challenge Mode and try to complete as many as you can.
 
If you got the dough ($80-$160), then it'd be advisable to invest in an arcade stick to work with.  With the arcade stick you can also use it for other fighting games along with shoot-em-ups and other arcade hits.

Try to learn and main just one character that feels right for your style.  Avoid jumping from one character to another and try to memorize all the moves all at the same time.  And the best way to learn the moves and things you can do with your characters is to do the trials. :)
 
And the most important tip, have fun at all times even at times when you get a 20 straight losing streak. :)

I'm in the same position as the OP. I've always been around street fighter ever since the SNES but i've never been super into it.  I would always just play, lose, and laugh about it. I would like to learn how to win at least some of the matches I play. That would satisfy me.

Usually what I do is when an opponent is beating the crap out of me online, I just copy what he/she does that kicks my ass in the match hehe!  Then I go to training mode and try to find out how he/she did those moves hehehe!  But eventually, you'll realize, the basics of the combos people do in matches come from the Trials in the game.
 
I guess one tip is try to be unpredictable in the match.  The usual tendency is when you learn a move or a combo, you keep using that single move or combo until you get a hit.  It may hit at first but before you get your second hit, you already lost 3/4 of your life meter.  So even if you don't need to do deadly combos, just try not to make a pattern out of your style.  You may throw a fireball first then jump high kick and sweep and for your next move throw a fireball again but instead of repeating what you did before, dash forward and just jab or throw a medium kick or grab (a lame example of course... lol).  Try to have different patterns of attack in your style even if it doesn't have to be too complicated. :)
 
Another, make good use of those short and medium punches and kicks.  It may seem like they're useless coz they hurt less, but those quick jabs and kicks can win you a crucial match and can turn the match's momentum at your side.  :)
 
And of course, learn from your mistakes.  Like if you're already seeing that you're getting pummeled with sweeps, then learn how to block low.  Something like that hehe! :)

Thanks much guys :)