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I recently left a job and had a decent sized 401K plan with them. My new employer is very small and does not maintain a 401K (I may be able to coerce him into creating one though – which might be a solution.)

Can I roll-over (not sure I know what that means) my former 401K into an IRA account at a discount brokerage and manage it on my own there (doing Foolish things with it?) If so, can I put money aside tax-deferred somehow each month to put toward this account? Or is this why a Roth is nice because I can't do that?

The primary goal is to no longer invest in mutuals and keep my money in the right place – the market.

I did not see anything related to this question in the Tax FAQ & TMF Tax Guide (I may have missed it.)

Thanks.
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