You can cut the flowers and let the leaves grow, they will be collecting energy to build up the bulb. If you want to plant the seeds go ahead, takes a few years to get to flowering size. Wait until the seed pod is very big, and starts to turn a little yellow. The seed pod is full of "fruit", roll one between your fingers and 1-3 seeds will pop out. Plant in soil and keep moist- you will have callababies before you know it!
Susan