To the OP: Competions are fun if you want to learn a few new tricks, try out new or buy cubes, improve your times officially, to compete primarily against yourself, and to socialize. Tbh, I only go to try and improve my own times, and for the most part disregard the social aspects of cubing. I just try to solve to the best of my abilities while under a perceived sense of pressure - like my solves actually matter!? haha. Compared to the "old" days of my first competition at Caltech in 2005 (I miss Macky, Patricio, Dzoan, etc. as familiar faces). Recently, I've noticed a lot more kids competing, a few extra distractions, and a much less exclusive community in many respects. That's somewhat of a downside to me, but nothing to gripe too much about. I can't help but be drawn to local competions once or twice a year. I don't cube intensely, and I'm never near the fastest cubers, but it's fun to witness the best competitors in your area. Admittedly, ever since Mr. Zemdegs and the recent surge of sub-11 and sub-10 avg cubers, I haven't really been trying you to improve my times. In 6 years of competions I think the best I managed was 5th place at my last comp, and that was only in 2x2. Never even receieved one of those top 3 certificates, but I don't regret all my time invested cubing.
Anyway, you sound itching to go to a competition, and I'd highly recommend doing so. I went with a 35 avg my first time, and truly thought I would come in last place and be pissed off with my results after a 2+ hr drive to Caltech. Seemed futile, but not at all. There's something comforting about being surrounded by cube addicts. Odds are pretty good you won't be the worst one there (if you are, nobody except you will care or act insultingly to you, I promise). From my experiences, everyone except cheaters are welcome at WCA competions, regardless of skill level.
Worst case scenario, you get a sup-1:00 avg - maybe some pops and a DNF. Everything is catastrophic and not a reflection of your skill. That can happen if you're prone to anxiety, pressure, and such like I am. Well guess what: the cube it liquid crack. If you go to a competition, regardless of anything that happens good or bad, you WILL end up finding yourself practicing and attending another event. In short, don't be scurred. Most cubers present themselves as friendly, helpful, and not at all arrogant.
Two little pieces of advice:
1) If there is a OH cut-off time of say 1:00, and you knoooow you can't even come close, it may be wise to wait until a another comp. before participating. I remember seeing some guy at Nationals 2009 spend over 10 min on OH solves and didn't even come close to finishing a solve. IIRC, Rowe judged that guy twice, and seemed rather irritated. lol Stuff like that slows down everything.
2) Have fun, relax as much a possible by any means necessary, and don't forgot to practice before your second comp.

Once you go to your first competion, odds are you will be strongly encouraged to let goals for yourself and attempt to meet them officially. I'm willing to bet that if you go soon and get ~50 avg of 5, you will almost certainly be back another time wth ~40 or even ~30. Keep in mind, however, that you probably won't be truly satsfied with your times in the long-term. Beating your official PBs is a rather euphoric and satisfying feeling, but the satisfaction will ultimately make you compelled to compete again. Tbh, the happiness doesn't last more than a day or two (unless you absolutely dominate and manage a NR, CR, or WR), so yeah, go to one comp. and rest assured you'll be attended more. ^_^
Wow, sorry about the long post. Drunk. XD