Hey there, it's my first time time, too. I did a little reading before I got started, the grow guides in the newbie section are where you want to start probably. I've got an area probably 2ft x 4ft, threw some plastic on the floor and hung a T5 flouro strip from the ceiling with nylon rope so it can be raised as the plants grow, a few clamp-on CFL fixtures as well. Stuck a fan in there for circulation and wind simulation to strengthen the stems and that's about all there is to it. Cost me about $70 for the lights and everything else I already had laying around the house (pots, soil, plant food, etc). Plants are doing GREAT, in my opinion, with very little effort or money spent.
It's a process of trial and error, really... a learning experience, if you will.
Some basic info to keep you from making the same mistakes most new growers make:
Don't use Miracle Gro anything
Don't use a soil that has time released fertilizers in it - I put half my plants in soil and half in a sphag/vermiculite mix. The sphag/verm plants were absolutely thriving and the soil plants were struggling. I used Black Magic potting soil and wouldn't recommend it. I've now repotted the soil plants into the vermiculite mix and they're doing much better now.
CFLs are cheap, don't use a lot of electricity and don't put out very much heat - all awesome things for small, first time grow.
Anyway, you don't need a bunch of expensive equipment or anything. Enough lighting and proper feeding/watering is all that's really necessary.
Good luck!