What if the leader is passed out, John?
John"s suggestion is a good stripped down version of what I was thinking. I would want more smaller cams and a full set of nuts to add to that though.
IMO, to start, I really wouldn't feel any rush to run out and buy a bunch of gear just yet. You should and most likely will be following an experienced leader who already has a rack and most leaders prefer leading with their own rack, grabbing a few toys out of yours if they don't have them. They probably would be most happy if you brought a good new rope to beat on rather than theirs and offer to carry a big chunk of the weight. The tradition is that the noobe always carries the rope (plus some of the rack if possible).
As far as getting stuff, once you have a few lockers and a handful of shoulder slings plus two biners per sling (you can make them, but knotted slings can be a pain since the knot catches on things like when you extend your sling from the tripled up alpine draw configuration), I'd pick up a nut tool and a set of rocks or stoppers. For the tool, I would suggest one with a clip and a nice rounded end that doesn't cut into your palm if you have to tap it a little. (there is an art to using them. Force is usually not the way). For a second set of nuts I would recommend some offset ones. If you don't already have them, you should get some quickdraws, various lengths. Next, when you can you will want a good set of cams, like a set of Camalot C4s. They will be what your partner first rifles through to fill out their rack most likely. I'd skip the #s 5 and 6. I hardly ever use mine. I do use the #4 though. You can get a set of the "favorite" sizes, #.5 to 3 for under $300 and then pick up the #4 and the two smaller sizes when you save up. I think it is worth getting a set of those matching colored Nuetrino biners for racking your cams. I like the biners anyway, but the colors make grabbing the correct cam just that much faster.
That is already a pretty good rack. As you go on and find you like leading certain types of routes you may want to fill it out with more specialized gear like a few more small cams or micro stoppers, but unless you are a gear hog, wait until you have actually used a friends and found them useful and needed. If you climb a bunch on the Whitehorse slabs or at the Gunks, you will probably find a few tricams handy. Hexes can be useful, but if you stay trad climbing, you really are going to want a set of cams. Put the money towards the cams before hexes.
