I am figuring out game development and deciding whether i should develop a game as a final project of grduation. Although i learnt c++, C#, Java etc. but I didn't covered any specific course/subject in my academics for game development.

I love Games but I am completely a newbie in Game development. Should I proceed for Game development in final project? I am finding information about game engines, frame rates, sprites, particles, etc. But unable to find the information that satisfy me. Please guide me, from where should I begin? Which IDE/libraries should i use(Unity3d,XNA,Ogre3D etc)? should i design a game engine or use existing? if yes, how? if no, why?

I alone want to make a game, means don't have graphics designer, physics programmer, audio composer... can i do their tasks to some extent? Please also tell me, how to make models, terrain in 3d games... using underlying library or 3rd party tool like 3dsMax? if I use 3DsMax then how to use its objects in my programming?

Advanced thanks for all repliers for my time consuming question. Basically i am searching their answers for a long time.

You should check out XNA game studio and C# express. Together this will give you a platform to get started. Check out many books that are available for XNA game design.