MySQL Forums :: Performance :: HELP! making choises on Performance - Storage engine - Caching

Hello,I am a web designer from the Netherlands. I am sort of new to building web apps from scratch, i have always used CMS, and customized them.

I am building a Auction website in php/mysql, which is finished. Recently i read a few articles about storage engines.

I have a few question that have been bothering me for a while now:

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What sort of storage engine is best suited for my website, do i use myIsam, innodb, etc.

The website i am building is an auction website, it has to deal with several read and writes EVERY SECOND!! It has to check whether auctions are open, closed, paused, current price, etc.

I know not all tables in my database, will be accessed, these are only 3. They are currently all myIsam. Is this good? should i change them all? Change none? I really don't know what to do.
Is i change them, will this impact my website drastically. And finnaly will these changes apply easily, or are they hard to do.

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Another question i have is about Caching systems.

I read a few about them too but i don't know if they apply to the sort of website i have. The data i get out of the database changes a lot. Is it handy for me to cache them?
For example an auction can be cached, because not all items change. But the auction wont be there forever, after a few hours its gone.

I can't see how a cache system could apply to that, or am i seeing this the wrong way. And again, if this system applies to me, will this change take a lot of effort, and will this effort make a huge amount of change.

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These are all the questions i have, they are really general i guess, i hope some people can help me with them, i would really appreciate that.

Regards