As Bluto suggested, a Power Rack might be your best choice. With the safety features alone, it can be worth the investment. And no spotters are ever needed. The better ones will have a dipping bar attachment and a chining bar. A few can have both of those and a cable attachment (high or low). Some may suggest a Smith machine but the con's can out weigh the pro's. Not a machine suited for everyone.
Unless your doing extra heavy DB work, a regular adjustable set (or two) should fit your needs. A flat/incline bench (combined) should fill you requirements quite well.
If you really needed only the basic equipment for training, than a dipping and chinning bar would be all you would need for the upper body. Along with a hooked chin/dipping belt and assorted plates. Step-up or one legged squats for the legs. Of course you would be limited for variety of exercise. All depends what your goals are.
Might check out the local ad's in the paper, Recycler, etc. This time of year a lot of prime exercise equipment can be found and at a very low cost.. Those New Years resolutions and Christmas exercise presents can fall by the way very quickly when people realize that it really does take a little effort to workout. If you buy anything on line, might want to check the shipping coast. That can be anywhere to 50% of the equipment ordered it's self. If you have a pick-up, and you find something near by, that go get it yourself. I've drove a couple of 100 miles in my truck, to get some very find equipment for our gym, last summer. Worth it in the long run. Good Luck.
