Yeah it looks great. And you can start with CFL's but unless you have a shitload of them you're not going to be getting much when you flower. To grow 10 plants I would at least get a 400w hps.
You could use it for the whole thing, but I would veg with cfl's at first to save money and life on your HPS bulb. and htgsupply.com is the best place to get grow equipment.
the multi socket extention,this a long wire with mulitpul sockets for many bulbs.Does it just have a plug on the end so i can just plug it into the wall?
just one of those 42 watter per plant will be fine for veg. I veg all my plants with CFL's. The bulbs are around $7 and the multi light sockets are around $10-$20 at Home Depot. But you'll also need to get a socket with a cord on it from an old lamp or buy one at home depot.