There are a few options you could take, the "fastest" really depends on your database.
To firstly answer your questions on seeding, etc - TRUNCATE TABLE will delete all information in a table (very fast, as it is not logged) and will reset your identity column.
eg:
TRUNCATE TABLE dbo.table
http://msdn.microsoft.com/en-us/library/aa260621%28SQL.80%29.aspx
The significant restriction here is that you cannot use it on a table that is referenced by another table. In this case you can use a standard delete and then use DBCC CHECKIDENT
eg:
DELETE FROM dbo.table
GO
DBCC CHECKIDENT(dbo.table, reseed, 0)
http://msdn.microsoft.com/en-us/library/ms176057.aspx
Remember with delete to make sure you delete information in the correct order (i.e. taking into account foreign keys).
Another approach I often use is simply writing a complete tear-down / rebuild script when I want to reset the database. The basic premise is to tear down, or drop all database objects at the beginning of the script and then recreate them. This is not necessarily a solution for all scenarios, but for basic tasks works well for me. To avoid errors I would usually add my drop statements in IF statements, eg:
IF EXISTS
(
SELECT *
FROM information_schema.tables
WHERE table_name = 'table' AND table_schema = 'dbo'
)
BEGIN
DROP TABLE dbo.table
END