I am gonna go against the flow and say you should skimp a bit on rods and reels at first, because honestly, it will take some experience before you can appreciate the difference between "OK" gear and "good" gear. You may eventually not like the gear you started with, no matter what you choose. Your opinions will change as you gain experience. What you need now is reasonable quality and durability. Eventually, this equipment can be loaned to non-fishing friends when they come fishing with you. Trust, me, if you get hooked, you will eventually have equipment for that purpose.
If you have a BPS nearby, I would recommend the following:
(2) BPS Graphite Classic spinning rods (1 medium, 1 medium heavy), any length between 5'6" and 6'6" (longer if you are tall, shorter if you are short). If you want to spend a little more on rods, go with the BPS Tourney Special spinning rods, same specs. Both types of rods are decent quality and durable.
Total for the two will be between $50 and $60 depending on which you choose.
If you don't have a BPS nearby, try a Wal-Mart and look for Berkely Lightning rods, same sizes as described above.
(2) reels, BPS Mega Tournament MT20FA and MT30FA.
Again, no BPS, try Wal-Mart for Daiwa's Regal Z 2500C and Regal Z 2000C, (or any Shimano, Mitchell, Quantum or Daiwa spinning real in the $30 to $50 range).
Total for two, $60 - $90
400yd spool of 6lb clear monofilament for the medium rod/reel.
400yd spool of 10lb clear monofilament for the med. hvy rod/reel. $10 for both
25 pack of 2/0 worm hooks $5
An assortment of lead weights, mostly bullets of 1/8, 3/16, 1/4 oz $3
Half dozen assorted packs of plastic worms/lizards/crawdads in 4" and 6" sizes, colors based on what the people in the store tell you are popular for where you will fish. $20.
Several inline spinner baits 1/8 oz, 1/6 oz, 1/4 oz
Several Roadrunners, 1/8 oz, 1/4oz
Several crankbaits (shallow, medium)
A topwater popper
$20
Small tackle box with a flip out tray $10
A knockoff leatherman type utility plier/knife $10 (or a pocket knife and a pair of cheap pliers).
A copy of "Fishing for Dummies" or "Complete Idiots Guide to Fishing"...both good books for the beginner on how to tie knots, rig baits, cast, retrieve, fish different conditions, etc. $15. (Email me your address and I'll lend you mine)
Some Band-aids from your medicine cabinet.
That will get you out the door for between $200 and $250 and get you through some outings so you can decide if you like to fish.