Iowajibber touched the basics.
My equipment totals to something like this:
Bow: Free - team shooter. Normally ($1100 msrp)
Rest: $90
Scope: $100
6x Scope Lense: $100
Sight Bar: $300
Custom Stabilizer Set: $120
Custom Strings/Cables: $70
Release: $100
Arrows: $100 per dozen
Obviously you can get into it much MUCH cheaper. Its just like skiing, if your going to do it, do it right the first time.