We examine collective modes, stability, and BCS pairing in a quasi-two-dimensional gas of dipolar fermions aligned by an external field. By using the (conserving) Hartree-Fock approximation, which treats direct and exchange interactions on an equal footing, we obtain the spectrum of single-particle excitations and long wavelength collective modes (zero sound) in the normal phase. It appears that exchange interactions result in strong damping of zero sound when the tilting angle between the dipoles and the normal to the plane of confinement is below some critical value. In particular, zero sound cannot propagate if the dipoles are perpendicular to the plane of confinement. At intermediate coupling we find unstable modes that can lead either to collapse of the system or the formation of a density wave. The BCS transition to a superfluid phase, on the other hand, occurs at arbitrarily weak strengths of the dipole-dipole interaction, provided the tilting angle exceeds a critical value. We determine the critical temperature of the transition taking into account many-body effects as well as virtual transitions to higher excited states in the confining potential, and discuss prospects of experimental observations.