First of all, everyone is making this too complicated for him already. He's a BEGINNER, don't throw in the "gain while you cut" or complicated shit. He's new to it and needs to be guided in that manner.
Secondly, I think it would do you good to lose about 10-15 lbs. before you hit the weights hard. I say this b/c you'll see more results faster, keeping you motivated longer & working harder. Lose the weight, start the program lightly while you're losing that weight. Once you drop it, hit the weights hard. Use the in between time to work on your diet & form on the lifts. After you've dropped it, kill it. You'll see good results within a month or two.
pcdude hit the nail right on the head. Didn't see his post until now.