Beginner starting out, what test equipment should I invest in first?

[tooki]

To be honest, if you're at Uni then you can safely skip "Practical electronic for inventors" and go straight for art of electronics.

Horowitz's book has this awesome thing for EE students (or any engineering), that it's in most part readable for anyone, but there are hard parts when you're stuck and normally you would have to refer to another book but as EE student with theoretical apparatus you can work it on your own (maybe slower than by googling) using your theoretical jibber-jabber:)

I have both, and I find the Art of Electronics (3rd ed.) to be far better written, and far better organized, than Practical Electronics for Inventors.

[YoshiKnuuckles]

I'm not sure actually. The program I'm in now is a two-year (more like two and a half,) Associates of Science at a community college. If I want I can transfer to a traditional University after I finish and go for a bachelors in EET.

Apparently the difference between the EET program and the EE program is that EET is less theory and more hands on experience based, as opposed to EE which is straight theory and little hands on experience. At least that's how it was explained to me in the orientation course I had to take last semester.

I do like that I'm already learning how to use equipment and actually allowed to play with the equipment and components a bit in labs. 

[GreyWoolfe]

Yoshi, I have bought and built the Elenco power supply.  Google mods for it.  You can easily add bleeder resistors, over and reverse voltage protection diodes and swap out the potentiometers with inexpensive 10 turn pots for more voltage settings control.  It was added fun to figure out how to incorporate the mods and it makes the power supply more useful.  You can even add a display if you want.