Could anyone explain me please in average Joe words how can I purchase MC, does it have it's own client, where my MCs would be stored etc,e tc as I don't understand a shit about this but would test my luck investing few satoshis.
Right now you can do OTC purchases via this
order book. In a few days there will be a distributed exchange build in to at least two wallets so that you can buy Mastercoins using zero trust. This also answers your other question; yes there are wallets (under heavy development). Your Mastercoins are stored on a normal Bitcoin address that you pick choose using a normal client.
For more info check the
wiki.
Thanks. I'm utter tech noob and barely understand anything about MC so I'll wait those wallets and exchanges to be developed, don't want to screw something and stay without both btc and mc