Hi Joe and welcome.
I have two pieces of advice for you.
1 - 1500
calories is not enough. At your weight, you could lose healthily while eating around 1900
calories. Also make sure that you're getting balanced
nutrition; it's not just about cutting
calories, it's about eating healthy
calories. Register with a site like fitday.com and you can log your meals and make sure you're eating healthily!
2 - For exercise I highly recommend you read Steve's post in the exercise area that's titled "The Conceptual Side of Weight Lifting". He has listed out a couple of weekly routines there. If you follow those, I guarantee you'll lose weight and get fit.
Welcome again and hope we'll see you around.