For the welder, in my opinion you can get something like a Hobart 135/140 or Miller 135. I bought a Hobart 135 mainly because its for use at home as I have no need for 'critical' welds (load barring) at maximum thicknesses. Also, the versatility of pluging it into any 115V/15AMP receptical is great, even though I have a deticated 20AMP in the garage. I can (and have) done single-pass 1/4"+ welds but as long as they are non-critical (load-barring).

Some Advise! Forget the welding machine-go to school first and learn the basics before investing your hard earned money. You need to know, if you will be welding with the SMAW, GMAW, GTAW with high-frequecy, pulsed-mig process, etc. Welding machines are all rated differently and you should know about duty-cyle or you could end up with junk. Will it be diesel, gas, electric (220, 460, 600) single or 3/phrase wiring sytem. AC or DC.
Good-luck