I'm not sure that I can agree completely with reefsmart's method here. Let me explain what I see here.
Estimate what you think a FO tank will cost. Now double that. We engineers tend to underestimate costs associated with projects and I do this everytime I have set up my tank. Now that the shock is over lets get down to business.
I would purchase as big of a tank as you can. There is a saying that is helpful to understand why; 'the solution to pollution is dilution.' Basically the more water the easier it is to balance out all of the elements in the tank. The first thing that you will want is a thermometer. You don't have to get anything fancy here. A cheap digital one that attaches to the side of the tank will do. Usually about $5-$10.
Another important tool to have is a hydrometer or refractometer. These will measure the salinity of the water. I wouldn't skimp on this instrument. It is very important that your salinity is where you want it and not have to second guess your measurements. Definitely stay away from the swing arm type. They tend to cause false readings quite regularly. Personally I would get a nice refractometer. They usually run for about $40-$50 and you will never have to guess if your measurement is correct. Be sure to get one with temperature compensation to reduce the temperature errors.
Lighting isn't as important in a FO tank but I would get a nice PC (power compact) setup. It will make your tank look a lot brighter and gives good accent lighting. Your filtration will be very important in a FO tank. You have to rely more on your filters since you may not have true live rock or less of a clean up crew than a reef tank. I would recommend doing weekly water changes.
I will touch briefly on substrate. In a FO tank, this is purely optional. Some people like the bare-bottom look of a tank and tbh, it will be a lot easier to clean. If you put in any substrate, i would put down a very (less than 1" deep) substrate. This will keep your sand from going anaerobic and be mostly for ascetics.
You will also want a good test kit that tests for ammonia, nitrate, nitrite, pH at the minimum. I wouldn't get a phosphate test until you start having issues with algae.
To start off your tank you will want to have as much of the equipment purchased. Now that we have the tank and everything, rinse all equipment before putting it in your tank. Fill your tank with fresh water and do a leak test and be sure the stand is level. It is recommended that if you go much over 20 gallons that you use some Styrofoam under the tank to help absorb any unlevel weight distribution. The leak test will help rinse any unwanted particles out as well.
Put in any rock work and sand before continuing.
If you aren't familiar with the nitrogen cycle, it would be a good time to google it and read up as much as you can before continuing. Basically what you want to do is create some kind of decaying matter in your tank. One of the most recommended practices uses a cocktail shrimp from the grocery store. This needs to be unseasoned and uncooked. Place this in the tank of now salt water. The salt water mix should have a salinity of atleast 1.020 for FO and around 1.024-1.026 for a reef tank. The temp should be between 78°F and 81°F. I generally keep my reef tank a bit warmer 81°-83°F.
I would run power heads only, or your filter without media at this point. There is no point to having lights on either, it will only promote algae growth. You will be wanting to check your water parameters daily, mostly to get in the habit and to understand how to perform the tests correctly. Using a chart to track the tank's parameters is a good practice to get into.
You want to keep the shrimp in the tank until the smell is overwhelming or you get an ammonia reading on your test kit. What you will notice is your ammonia will go up for about a day then come back down, then the nitrites will go up and down like ammonia and then the nitrates will follow. After the nitrates have leveled off, should be around 10 ppm, then do a 10-20% water change and you should be ready for fish and/or coral.
Here is a link to my 29g tank.
http://nanotank.com/forum/viewtopic.php?t=4040 Once you get a reef tank established and running well, they pretty much take care of themselves. I try to do weekly water changes and filter pad changes. I have to top off about every 2-3 days due to excessive evaporation. Other than that I have a big clean-up crew that keeps the algae levels down pretty good. Hope this helps get you started. Be sure to ask if you have any other questions and welcome to nanotank