The Camm1 vinyl cutter is made by Roland. They also make a small 3dimensional mill, and they are very well known for their musical instruments.
The vinyl cutter uses a small knife to precisely cut the outline of a picture into a sheet or piece of vinyl. The knife moves side to side and turns, while the vinyl is moved beneath the knife. What results from the cut process is an image cut into the material. The material is then 'weeded' where the excess parts of the picture are removed. It is possible to remove the positive parts, which would give a negative sticker, or you could weed the negative parts, giving a positive sticker. Removing the letters would be like removing the positive, giving a negative image of the word, etc.
Original artwork is better than copied artwork. Try to make your own, or get a friend to help you make something clever and original.
Initially, you will need to create a sticker of a basic design. Your name is a good first sticker. The size should be small, no larger than 3 inches on a side. Keeping your first images small will help you master the process quickly with a minimum of materials.