If you are trying oil painting for the first time, my best recommendation to you is to simply play – with colors, subjects, techniques, mediums, tools, brands…you name it.  I always find that I create pieces I like the most when
I worry the least about what it will look like or whether anyone else
might like it. Remember – if you don’t like what you paint you can
simply paint over it!

The Basics of Oil Painting: These days I am working with water-based oils. They are slightly less toxic than regular oils and clean up is a much easier process. They also tend to dry a bit faster than regular oils.  Experiment with your mediums to get the consistency of the paint that
you like. I like a little bit of Impasto Medium and either Linseed Oil
or the Fast Drying Medium, but I’m still learning. Generally you start
thin and build up layer upon layer (so you might want to use a little
bit of paint thinner for your first layer) but there are no strict
rules.  These are the supplies that are currently on my art table:

Winsor & Newton Water-Mixable Oil colors. I started with this beginner set and have since added a few more colors. I always have larger tubes of white.

Winsor & Newton Water-Mixable Mediums. There are a number of options here. I use Impasto Medium along with either Linseed Oil or their Fast Drying Medium. I am still experimenting a bit.

Pearl Ex Metallic pigments. I sprinkle this pigment directly onto a thin layer of wet paint and use a watercolor brush to layer it on the canvas. The effect is beautiful.

Eco-House Citrus Paint Thinner. Especially great for my first layers of paint.

Varnish. Varnishes can be used to create very thin layers of color on top of thicker, more opaque strokes.

Master’s Brush Cleaner & Preserver. Makes cleaning your brushes a snap!

Pre-stretched canvas. You can get canvases on DickBlick at a great price at any time. Aaron Brothers also usually has a sale once or twice a year where you buy one canvas & get a second one for a penny. During these sales I like to stock up and go crazy.

I like using paper palettes – I make a mess and then throw them away. There are oodles of options for palettes, so try a few and see what you like.

Brushes galore. I buy brushes all the time, especially when I see them on sale (which is a lot.)

Palette knives. Perfect for mixing paints & mediums, and I also love creating texture on the canvas with them. I can’t live without my palette knives!

Tabletop easel. There are many, many options and price ranges for easels. Start simple and if you stick with it, get fancy!

I also have plenty of rags and old washcloths for wiping palette knives & brushes and newspaper to set my paintings on the floor to dry. I use a table that is old, so I don’t mind it getting dirty and smeared with paint. I always wear comfortable clothes that can get messy, and I work with either a window open at all times. The fumes for water-based oils are very mild, but it is still better to work with more ventilation than less.

Resources:
Dick Blick
Flax Art & Design
Winsor & Newton
Gamblin Colors
About.com: Oil Painting
Arch Supplies