Fernando José Torres Sanz a.k.a. El Nino (The Kid) scored 24 goals in his English Premier League debut season for Liverpool. He beat the earlier record of the most goals scored by a foreign player in his first season in England. That record was held by the equally excellent player, Ruud Van Nilsterooy of Manchester United.
Here's a video compilation of his goals for Liverpool.
More videos can be seen at the ultimate Fernando Torres fan site.
My pick for the best goal would probably be the second goal in the home match against Newcastle. A quick counter-attack strike that involved only Reina, Gerrard and Torres. Just five touches of the ball, a quick feint in front of the charging Newcastle keeper and a cool finish. Click this link for the video and watch the 8' 24" mark for this superb accomplishment.
Update 22.05.08 : The earlier video is no longer available. I've inserted a new one from zarserius.