Will strenghening my quadriceps and hamstrings my knees? Knee athritus?

Yes but very careful. Many exercises that strengthen the quadriceps also can damage the patella.This makes the pain worse. Swim, bike elliptical all good. Best bet, if the exercise hurts, don't do it!
Low impact . For osteoarthritis of the knee i would recommend low impact exercise to keep supporting structures healthy and strong. Three examples would be stationary cycling, ellipical trainers and swimming. Avoid impact activities such as treadmills, and jogging which exacerbate inflammation of the synovial cartilage of the joint causing pain and swelling.

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