I have found the best way to cash out your bitcoins and litecoins is to set up an OK pay account or a dwolla, sell you coins on mtgox and transfer the money to your account to then transfer to your bank. If you have litecoins exchange them to btc and then do the above. You could also use sites like localbitcoins.com and try to sell you bitcoins for straight cash.
Still learning myself but that's the best that I have figured out. Goodluck man!