Question
What food do you recommend and how often should I feed/water the tree during the spring/summer?
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-----Question-----
I have a live oak tree that was planted less than a year ago at my new home.  While looking over the tree, I have noticed several "buds" or swollen areas of bark on several small branches.  They look like knots on the tree.  Is this something I should be concerned about and what do I do about it?
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There are gall insects that will make galls on the limbs of oak but these are fairly large and can be seen easily. I think what you are seeing is just normal growth of the twig. If the foliage is green and looks good I would not be concerned. Even if it were insect galls they do little damage except for cosmetic.

Answer
I would not fertilize it the first year.
Water is the single most important need of newly planted trees. Root development or regeneration cannot occur without adequate moisture. Be sure new trees are watered routinely for the first two years after planting. Apply enough water to keep the soil around the roots moist but not wet. Examine soil once a week during dry periods. Gravelly or sandy soils may need more frequent watering; silt or clay soils may require less.

Mulch conserves moisture, retards grass and weeds that compete with tree roots, stabilizes soil temperature, adds organic matter to improve soil and protects tree trunks from mowers and weed whips. Replace mulch every two years or so to maintain a three-inch thick layer. Mulch rings may be widened as the tree grows.

After the first year--Fertilization is seldom required for trees, but may be used to increase growth rates. A simple, effective way to apply granular fertilizer is to broadcast it evenly around the base of the tree, much like applying fertilizer to turf. Cover a circle roughly the diameter of the branch spread. Apply two to three pounds of actual nitrogen (the first number in the three specified on a fertilizer bag, which is a percentage of the mixture) per thousand square feet evenly around the base of the trees. For example, a small tree with a four-foot branch spread will require about 1/4 pound of 13-13-13 fertilizer. NOTE: Fertilizer is not a substitute or a remedy for poor growing conditions.