Mr. Seshardri's comment about resistors that are rated at more than 1 watt is incorrect. Using a resistor rated more than a watt will not "fry the circuit". In fact, the circuit will not behave any differently (aside from being a lot heavier ;)
The wattage rating on a resistor is merely how much power it can withstand, NOT how much power it will use in circuit.
In most cases 1/4 watt (and even 1/8 watt) resistors are all you need. using anything larger would be "overkill" and impractical (but do the math, to be sure).
As for the type of capacitor, it depends on the timing, and stability needed. See the link in Mr Mateen's comment, above.
