You need a rotary cutter (start with the 35mm), a cutting mat (best starter mat is 18x24 or larger -- what fits in your space and you can afford), a ruler (my LQS owner says if you get one ruler get the 6x24 or 8.5x24 since you can cut most everything with them -- I prefer the green or frosted white ruler). I would also get pins (long, flat head), a good iron if you don't have one, some spray starch (a lot of discussions here on the board about using Best Press which is expensive to making your own -- I mix up StaFlo liquid) and Fabric (either buy new or go to a thrift store and get used clothes in good condition) -- choose a color palet that is pleasing to you so you enjoy workign with the fabric. Joanns has sales on most of the tools from time to time -- 40-50% off helps the budget a lot.
Simple patterns are the 4 patch and the 9 patch. Practice doing the 1/4" seam. Log cabin is a bit more complicated but a lot of folks have made this as their first quilt.