To do the textures, here are my suggestions (this assumes that you want to spend no money on professional tools- be warned, though, that you tend to get what you pay for)
1. When you're done with your model, export it in the Wavefront OBJ format (you can find this under File-->Export).
2. Import it into UVMapper, which is the fully-functional precursor to UVMapper Pro (which is an amazing tool if you have $60 available... spend it). You can find it at
www.uvmapper.com
3. Use UVMapper to make valid UV projections for each part of your model (UVs are... ah... sort've like little gridlines running across the model's surfaces, and you can change their direction and projection for different parts of the model to make textures look how you want them to). The first time you do this, I can garantee you will make mistakes... it's a learning process you'll just have to master. You save your model and the texturemap with this application, which will save you a TON of confusion/pain when it comes to texturing.... try a sphere or a cube first, this tool takes some patience and practice to use.
4. Go get any halfway-decent freeware graphics application ... erm... here I'm stuck. I'm addicted to Photoshop, which costs real money but is THE professional tool.... googles a bit... oh yeah, you can download... GIMP, which is freeware and halfway-decent (although it ain't Photoshop). It'll work for most texturing jobs just fine, really.
OK, so now (a week or two later and probably after uttering words I won't use on this Forum)... you have a model with a texture. Import it into Milkshape again, and then create and apply the texture to it by making a new Material and assigning the texture to it (your friend can help you here, I'm sure). Assuming that you did everything right (which is not likely, your first time, but have patience), will now have a model that's ready to export in the CMP format, which is what Freelancer uses. Further details about how to put your texture on the ship in a format that Freelancer can read properly (and the hazards thereof) can be read in Kasdian's guide to texturing, which I mentioned briefly above.
So, uh... when you get your first decent-looking ship done (if you're persistant and intelligent, you can master the basics in about a month) then if you get stuck, please ask more questions. The community welcomes budding shipwrights who apply themselves (and aren't as dumb or wanting to do as many twisted things to FL's engine as I am, heh).