I know nothing about liles either, but I got five free bulbs with an order a couple of years ago. I didn't know what to do with them so I bunged them in a square pot that's about 15" across. they've been in there ever since and seem to just come back year after year with no care or attention. the pot is actually under a bird feeder so they end up covered in seed and poo but it doesn't seem to do them any harm! they stay in the same pot in the garden all year round.
I was in the garden this morning and noticed that they've just started to show their noses again. I seem to remember from last year that they develop scales in the forks of the flower stems that dropped off and started to develop into mini-lilies, so that's probably as good a way as any to propagate them! don't know about cutting them, never tried it. they grow quite tall, to about 5' including the pot.
I guess it depends on the type of lily, ignoring mine seems to work well but yours may be less hardy!
here's a couple of pics of them in full bloom (if anyone can tell me what they are I'd be very grateful!):
