I loved denverjjoy's post - " "The quilt police are not going to show up at your door, so don't fret about the mistakes." :D
I just got a new machine - a Brother XR-9000. it cost $190 at Costco and in my opinion, is a super duper hotsy totsy machine. I've been informed by less than polite salesclerks at my LQS that it's a cheapie machine. Poo on them.
I started quilting years ago on a the walmart $100 cheapie and made several beautiful quilts. A fancy machine is NOT a necessity.
Assuming you've got a machine with thread, all you really need to get started is fabric and a cutting utensil (scissors will work but a rotary cutter is SOOOO much easier).