Newbie, need equipment advice and opinions.

My old hobby has become too expensive and bodybuilding has really caught my eye. I have been reading for only a few days now, I started a good diet a few days ago, I'm cooking again, multi-vitamin, and I feel better already. I'm still doing basic crunches, pushups, and squats without weight, but I'm looking into getting a good bench and weight set for Christmas.
I'm working on "cutting" fat before I start, not so that I look good, but so that I can do more with my muscles.

I have learned a lot from this forum and now I want opinions, since I have very little experience in fitness / bodybuilding.

I'm looking at a barbell and dumbbell weight set and a bench.

CAP Barbell 160-LB Weight set.
6-ft. solid-steel chrome spin lock barbell bar and two spin lock dumbbell bars.
Black cast-iron plates.

And...

University Equipment 3750 Olympic Bench.
1,000lb capacity. (I like extra room, like a solid power supply unit in a computer.)
Detachable bench.
3" construction.

I would like to know if what I have selected is good and what I kind of things I should look for when shopping for a bench and weight set. I also would like to know if the barbell will fit on the "olympic" bench.

18Y/o and about 5'7"-10"

Many thanks!

-edit-

Here is a picture of the bench from the retailer website.
http://img218.imageshack.us/img218/8688/0415028253750p1bx0.jpg

If you have a few dollars to invest, your best option would be to guy a nice muti-function bench, and a power rack.  Don't skimp on the weights.. buy a nice olympic 45lb bar, they usually come with 300lbs.. a few sets of Db's and you're ready to go.. A power rack is the most functional piece of equipment you can buy and will serve you for many years and for many purposes..

There is never enough time to do everything, but there is always enough time to do the most important thing

 

I would love to have a high quality Olympic bar to start with! I'm in Texas and out in a remote location, its difficult trying to find a retail store that sells such items. Sending something like that through the mail just isn't an option.

I'm not ready for a power rack, yet, and it would probably break my budget ($300USD max) if I were to try to get one.

For now, I'm looking for a quality bar and a strong bench, leg attachment is a bonus.
---
I found another place, but their prices are expensive.

2" Olympic bar, 7ft, solid black. Its expensive, but originally I wanted just a bar and dumbbells, so we will see what I can piece together.

-edit-

I think I'm going to get the bench I have selected, but I'm going hunting for some uber dumbbell handles, plates, Olympic bar, plates.

-edit-

This is what I think I'm going to ask for

1x 7' Olympic bar, 2", 45LB bar, 500LB capacity.
2x Olympic dumbbell handles, 2".
2x 25LB bar plates.
8x 10LB handle plates.
1x Uber bench, 1,000LB capacity, with "preacher curl".

It all comes out to about $370, if it can't be afford, then I might drop the bench.

-edit- November 05, 2007-

I found a place that has a warehouse in Houston, even better, they allow customer pickups!
If all goes well, I will have my weights around Christmas!
All of the above, except for the bench, I'm still looking for a sub $150USD Olympic bench that has a barbell holder for benching and a leg curl.

I'm looking at this bench: http://www.ironcompany.com/index.asp?PageAction=VIEWPROD&ProdID=3345
But the frame looks a little rikkety and not so strong.

I always trained at home.  I remember when I first started I bought the following:
 
A bench
50Kg of weights
2 dumbells
1 standard barbell
 
Then after 1 year I bough a better bench which included cables and more 50Kg of weights.  That is enough for me to keep going for now, but I'll have to keep buying weights...
 

Motivation comes by itself when improvement is seen!

Most excellent, Getting a used Marcy 765 Midwidth bench, if its in good condition... and an olympic bar with 300Lbs of weight on it.  $185USD total, but money is tighter than ever so it will have to do. :/

I know the bench isn't the best, but just how bad is it? I'm 5'10, 220Lb, am I going to live if I sit on this thing?

-edit-

Santa came early, MWB765 bench, 7' Olympic bar, about 250Lbs of plates... And a good talk about how not to drop the bar on your neck... :/

I'm still sore from pulling my fat ass up into a tree, something I'm surprised that I was still able to do...

Just moving the plates and bench inside alone is a workout... :D, that and there is little food...