There is most likely not the exact book, but there is many books about Quileute Legends if you are interested in reading the Legends. Also, there is various websites that include the legends.
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In the movie Bella doesn't actually go to the library, she goes to a old looking shop and actually buys the book, the book is called something along the lines of 'Quileute Lengends'
In the "Twilight" Saga novels by Stephenie Meyer, the town where Bella lives is called Forks, Washington. This is an actual town located on the Olympic Peninsula, in the state of Washington. Jacob's place of residence, the Quileute Reservation is also a real location.
Yes you can buy them online.
He says "Where the hell have you been loca?" which is spanish for "crazy girl/woman" and "Que Quowle" which is Quileute. From what I've found out by asking my self, this means "Stay with me forever."
To me a lot cause it sets up the hole love story and how they truly fell in love. if you don't read it, you can't fully understand why Bella is so heart broken in the next book. or what Jacob told her in twilight about his family's history.