Kittywolf,
First you have to have a place to store your fabrics. My suggestion would be to check out craigslist in your area and type in 'Ikea shelving' or just 'storage shelving'. I found two 'Billy' bookcases for $30/pair. New would be $50 each. I also found an 'Expedit' cube system. It's a unit consisting of either 2, 4, 8, 16 (or more) cubes. Go to Ikea's website and type in Expedit just to see. I was lucky enough to find a used one on Craigslist for $40. It would have been $120 new.
Ikea works for me, but you can make storage space from many things, like an old Dining Room breakfront, any shelving system for that matter. For me, it's all in the presentation of my fabrics - if you want to see them, as I do, "ruler fold" them or buy comic boards on Amazon.com to keep them organized.
In no time, your sewing room will look amazing! I hate working in a messy space and am constantly looking for new ways to organize.
Have fun with it!