I just bought an xbox and am very new to gaming.... So with that said, here's my question. Do I need to signup for xbox live in order to receive updates and patches?

Yeah.

You don't need to pay for an Xbox Live Gold Account, but you do need to set up an Xbox Live Silver Account to get updates.

It's free, and all you'll need is a valid email address.

I would recommend a Gold Account in the long run though, for the full features of Live, and for playing multiplayer games online.

Excellent! Thanks!