Home Workouts, and Setting Up a Home Gym

Benefits

1. No waiting for equipment
2. It takes less time, because you don't have to do the "locker room stuff".
   
3. You can exercise at any time of day, and on holidays.
   
4. It is easier to be consistent when your gym is right next to you.
   
5. You get to pick your own music, AND choose the volume.
   
6. You can control the room temperature.
   
7. You can wear anything you want.
   

Weight Lifting Equipment

I suggest checking online for reviews, and taking note of the difference in warranties between equipment (eg. in the case of treadmills).

Absolute Beginner:

Incline/Decline Bench
Dumbbell Weight Set
Standard Bar Weight Set
Swiss ball

Intermediate to Advanced:

The above plus:
Adjustable Squat Rack
Door Pullup System
300 lb Olympic Weight Set
Olympic DB bars (buy two)

Several Places to Buy Equipment

Craig's List (Classifieds - select city on right hand side)
Sears
Bodybuilding.com