I am doing fondant circles and fondant stripes on my butter cream layers. How exactly should I go about doing this. Should I do the cut outs and let them sit out? If so, for how long. Also, are they going to stick on without having any type of adhesive?

Hi, I would cut them out when I'm ready to decorate the cake. A little bit of water will stick the fondant on bc.

If it is a round cake, it is best to attach them right after you cut it out. If you are using a square cake, you can definitely attach them later on.

I let them sit for a little while to harden just a bit so they don't lose their shape when you pick them up, just don't let them dry too much or they will crack when you try to form them to the sides of a round cake.
Sinces it's buttercream the fondant should stick without anything used, I only use fondant glue when attaching fondant 2 fondant.

Thanks! Also, does the cake have to be completely dry before applying fondant? Meaning does the icing have to be crusted in order to apply it? I tried putting some fondant circles on a cake last night and it seemed as though they kept sliding down. Maybe because the icing was too wet? They weren't thick circles...

Whenever I add fondant accents to a bc cake I chill it until the bc is hard that way when I put the fondant on I don't put any finger marks or indents in the bc. Also when you take it out of the fridge the bc will gather some condensation and it's just the right amount of moisture to attach fondant pieces to, that's why I never have to use any water or so on when doing fondant on bc.
And having the bc hard and cold should eliminate the sliding factor.
HTH.

I use the Melvira Method, there's a tutorial here on CC for it. It's is awesome and I would'nt be able to make cakes with out this method. You should really check it out.
But I'm pretty sure with the Viva method you have to wiat until it's crusted with no wet spots, or the paper towel will stick to the wet spots.
A hour should be long enough but I ice on day and decorate the next so mine are always in the fridge overnight.
Chilling them before you stack also helps with finger prints and smudges. Basically once the bc is on the cake I only work with the cake once it is chilled hard, I'm too much of a clutz to be trusted around warm butter cream!

Yes it is a paint roller, a high density foam roller, I just bought some today at Walmart but any hardware or paint store should sell them also. The are'nt big like a normal roller.
The ones I got today are Shur-Line , there are white and the foam is really smooth, if you get the normal kind then it will texture your butter cream.

http://www.sears.com/shc/s/ProductDisplay?partNumber=03076219000P&storeId=10153&sName=Paint+Brushes%2c+Rollers+&psid=YAHOOSHOP01&vName=Tools&cName=Painting&catalogId=12605&sid=IDx20070921x00003b

Here's a link to some from Sears, they are kinda high though I only paid 3$ something at Walmart.