If you have the money, get the Elite standard rack. Otherwise, there are several others that will work fine. I have a Body Solid power rack, and it works great for me. Others may recommend New York Barbell or Power Tec. I'm sure there are good and bad with any of those brands.
Find a rack that suits your needs. Mine cost $264 new through Play-it-Again Sports. I worked them on the price along with a flat bench ($60) and an Olympic barbell set ($119). This will last me a while, and when my bar begins to suck, I'll upgrade to the Texas Power Bar sold by elitefts.com.
All you really need is a good rack, Olympic barbell set and a bench. Getting an incline/flat/decline bench is optional. I've found that I can make my flat bench incline or decline by putting some weight plates underneath it (per CW's recommendations).
Shop around at local sporting good stores and online to find some good deals. Obviously, shopping online could be cheaper, as long as they offer free or reduced shipping charges.
Adding dumbbells, an EZ curl bar and other equipment is optional.