Carlc,
There are lots of ideas for upgrades to be found on the Excal forum:
http://www.excaliburcrossbow.com/phpBB2/index.php
I am presuming you are getting the right stuff package which includes everyting you need. It will shoot great out of the box. I shoot a heavier arrow (465g) with the FFF string and the heavier arrowsquiet down the noise and vibration. Use the dacron string when you first start. If you make a mistake and have a dryfire it is the most forgiving. They will never be as quiet as a vertical bow. Thats just the nature of the beast.
Bob