There`s more than one viable way to play MTTs, depends on personal preference and style.
and low buy-in tournies, a lot of wild play goes on and it`s perfectly possible to sit back, play premium hands only and watch the donkeys take each other out. I find that, with average luck, this approach will usually put you in the money (though not normally very high).
If you`re more ambitious and want to reach the final table, watch the other players closely. Take notes. Don`t get into any all-ins during the first level or so. By the time the worst of the wild play settles, you should know who is only playing top hands and who is taking chances. Avoid the first group unless you`re holding the nuts, but take on the second whenever you have decent cards.
It`s an old poker cliche, play the player not the cards, and there`s a kernel of truth in it. Just don`t take it too far and play any old rags because you think the opponent is a fish. Too tight may sometimes be a problem but too loose always is and at a 10 player table the worst player gets dealt the best hand 10 per cent of the time.