i bought an Iwata revolution BR. quality brush and great for beginner airbrushers (myself). i've seen it selling for 72 bucks just about everywhere, but www.chicagoairbrushsupply.com has great customer service.
i bought a Husky AirScout air compressor from Home Depot. it was 100 bucks and can put out 135 psi (though you should only be using 15-30 to paint with), 1.5 gallon storage tank, its perfect for airbrushing, because you get a lot of air before the motor fires up.
i use Wildlife Colors paints, but i've seen a lot of people use Createx (and all of its varieties, AutoAir, Wicked Colors, etc), and House of Kolor. search around for the best prices.
www.tcpglobal.com sells a lot of painting supplies, worth checking out.