I am a noob when it comes to creating contracts. Every contract I try to deploy using the example code for new coin creation seems to have failed even though I paid for it, what am I doing wrong? Did I run out of "gas", if so how do I pay enough for it?
Yes, you did run out of gas. There are two steps you need to complete to ensure that the contract has enough gas.
1) Ensure that you should have enough Ether in your wallet to be able to fund this transaction. If you are on a test net, you should be able to mine for Ether.
2) Also, check that the Maximum Gas provided is more than the estimated gas.