>1. When drying socks/clothes overnight, i have heard one should wring them out as much as possible and put them in the sleeping bag-however, i have a quit, can this also be done in a quilt? (will be in a hammock)
If it's near freezing and damp, I think you'll just end up making your bag wet. I've tried many times in colder weather to dry saturated clothes by sleeping in/with them, and it just results in a cold night's sleep and a damp sleeping bag. Much better to dry them out by walking the next morning in them, or, if it's wet, they're going to just get wet again anyway. Putting them on in the morning is unpleasant, but only briefly. But it depends on weather and how wet I am.
>2. Should i spin the excess of the trash compactor bag and secure it with rubber bands, or is there a better way to secure it for waterproofing?
I use a 'candy cane twist' which I picked up from http://jwbasecamp.com/Articles/DryGear/index.html.
>3.I assume the wool socks will keep my feet warm when wet-as they brush up against the wet vegitation/encounter rain, should i bring winter weight wool socks or will smart wool adrenalines + xstatic liners be enough?
Even with *no* socks, your feet should be fine while you're walking, they get a lot of blood from the exercise (unlike hands).