Customizing terminal

OK, I couldn't find this searching the forums, so I'll ask here.

I want the Terminal to state the time, user and current folder with path instead of the default, which is host, folder then user. Anyway to make it do this by default, so that I won't have to change this everytime I open a new terminal window?

Put the escape codes in .bashrc in your home folder. If you dont have one, :
cp /etc/bashrc ~/.bashrc

You can check http://www.dotfiles.com/ for ideas.
Also here: http://www.tldp.org/HOWTO/Bash-Prompt-HOWTO/