I tore my right meniscus in December. I was walking through the T station in Medford on my way to a Cs game. I heard and felt a loud snap, and the knee went out from under me and swelled right up. I could barely walk, so I did the only reasonable thig...I went to the game By the time the game was over, I was in tough shape, and the Fat Kid had to help me through the subway and home.
The next day, I saw the orthopedist, who ordered xrays an an MRI. He found arthritis, which was probably the cause of the meniscus deterioration and tear. It was lodged in the joint in such a way that it was causing major inflammation, swelling and pain. I couldn't put weight on it, straighten it out or walk without a cane. Bracing it didn't help.
I ended up with arthroscopic surgery in January. The doc cut out the torn section, because apparently the likelihood of it healing was slim. The whole thing, between prep, anesthesia, surgery and recovery took a couple of hours, and I was able to walk out without a cane. It was sore and weak for a while, and I went through about 6 weeks of PT/rehab twice a week. The first week was ice and elevation.
Now it feels great. Not that I do anything athletic (never have)but walking, standing, stair-climbing, ladder work and anything else I want to do are no problem.
Strength training will certainly help support the knee, but it won't do anything to help the meniscus. Depending on how it is torn, and if it flaps over and causes irritation in the joint, surgery may be the only out.
If it gets to that, I wouldn't shy away from it. Work hard in PT and you'll do fine.