The best time of day to excercise is whenever you will be consistent and stick with it. See where it will fit into your scheduale and be most convienent. I prefer to lift evening/afternoonish to avoid morning sluggishness and so that I have plenty of hours before I sleep to eat(to recovery, build muscle, etc.)
As for nutrition. Both before and after strenuous excercise, you should be having some sort of protien and carbohydrate rich meal.
If you eat 'real food', wait an hour to 1 1/2 hrs before excercising, where if you have a liquid meal(shake), wait about 30 minutes, maybe more. Then after excercise, some people have it immediately, but atleast with in about 15 minutes have another protien/carbohydrate meal. Here is where you want a shake, with Whey protien and High GI carbs(sugars like gaterade powder) to help feed your muscles, so to speak.
Here are some articles about Post work out nutrition, but I believe that Pre workout nutrition is much more critical. But many of the same things can be applied.
http://www.johnberardi.com/articles/...n/puzzle_1.htm
http://www.johnberardi.com/articles/...n/puzzle_2.htm
Best of Luck.