Time to make some bubbles!
What a well-prepared scuba diver needs
Theoretically, the only thing you need to own in order to go diving is your C-card. But if you stop and think about the last person who rented the gear and what they did with it, owning your own might be a good idea. You should buy your gear in stages starting with fins, mask and snorkel. Three vital gear items that can make or break a dive. Besides waiting to buy the rest allows you to experience different makes and models rather than shelling out $500 for a buoyancy compensator or regulator package based on second-hand recommendations.

Mask - A mask is basically the equivalent of the windshield on your car, without it, you're pretty much SOL. There are various styles to choose from but the most important feature a mask should have is access to your nose so you can equalize the pressure in your ears.

Snorkel - There has been a lot of debate on whether you really need a snorkel while scuba diving. It increases drag while swimming under water and is just one more piece of gear that can possibly get hung up on something. Of course if you ever have to swim back to the boat with an empty tank, you'll be glad you have it.

Fins - Your main source of locomotion underwater. (Your arms should be used for other purposes besides swimming.) There are basically two types to choose from, full-foot or open-heel. Regardless of which style you choose make sure the fins are comfortable. The best pair of fins is worthless if they hurt your feet or cause cramps in your calves.

Wetsuit - A wetsuit is what keeps you warm while diving. Since water temperatures vary depending on where and when you dive, wetsuits come in a several styles and thicknesses. The more the coverage and the thicker the neoprene, the warmer it will keep you. The most important thing to remember when selecting a wetsuit is your body looses heat much faster in water than air. Therefore even 85-degree waters are going to drain the heat from your body quicker than you might think.

Booties - Depending on the type of fins you have, you may or may not need these. Obviously they won't work with full-foot fins but are a must with open heel fins. They also provide protection if you're doing a surf entry and work well for rafting.

Gloves - A luxury or a necessity depending on how cold your hands get. They also provide needed protection while wreck diving.

Buoyancy Compensator - Also known as a BC, the buoyancy compensator has several different functions. It keeps you and the tank together, allows you to adjust your buoyancy by adding or dumping air, and has pockets and/or D-rings to attach gear.

Regulator - Your lifeline. Simply put, the regulator takes the pressurized air in the tank and normalizes it to the ambient pressure depending on your depth. Without it, you don't breath. It is divided into two parts, the first stage and the second stage. The first stage is the part that attaches to the tank (not shown) and the second stage is part you breathe through.

Octopus - Basically, a back-up second stage regulator in case the primary one malfunctions or for your dive buddy to use during an emergency.

Console - The console houses the gauges that tell you the where, what and how much of diving. A basic console contains a depth gauge and air pressure gauge. A console may also contain a compass and a thermometer.

Dive Watch - With the advent of dive computers calculating your bottom time, a dive watch has become less a necessity and more a choice. That is, unless you have a strict dive master who wants you back on the boat at a certain time.

Dive Computer - Bill Gates meets Jacques Cousteau. Just kidding. Like most things of the 21st Century, the dive computer is a digital replacement of analog measurements. Today's dive computers keep track of your depth and bottom time and calculate how long you can stay down. The advantage of a computer over dive tables, gauges and a watch is that if your dive profile starts at a relatively deep depth and then comes up to a shallower depth for the majority of the time, it will adjust your bottom time accordingly. The old method required you to base you entire bottom time on the greatest depth, regardless of how long you spent there.
Mask: $10 - $80
Snorkel: $7 - $30
Fins: $20 - $130
Wetsuit: $40 - $320
*Booties: $26 - $40
*Gloves: $7 - $25
Buoyancy Compensator: $120 - $500
Regulator/Console/Octopus: $270 - $790
Dive Watch: $30 - $300
*Dive Computer: $180 - $800
*optional items

Total Start Cost:   $710 - $2695
Mask
Snorkel
Fins
Booties
Wetsuit
Dive Watch
Console
Computer
Regulator
Gloves
Octopus
Buoyancy Compensator
Constipated Look on Face