attackoftherailroad,
Read all you can about brewing and techniques. After some you will be able to decide what is necessary and what isn't.
So far, I have found free 3gal buckets (+lids) from a local bakery. I should be able to split a 5gal brew between them and ferment away. As far as airlocks go, they seem to be good, but you can get plastic barb connectors and attach them to the lid and connect clear hose to it. Then run the other end of the hose into a jar of water.
Bottles can be found at your local recycle center (If they let you pick through the bin) and maybe local bars. Or friends who drink from recappable bottles.
I have used a small section of copper tubing as my racking cane. Works so far and it is just the right length for my buckets.
There are several debate threads on the hydrometer. Use the Google based search tool to find them. Essentially, letting the beer ferment patiently for weeks works for some, but others prefer to know the numbers for their notes and curiosity.
Just my 2 pennies worth.