Hmmm, you might want a stronger light fixture if you want certain corals but the light itself should be fine for zoo's, mushrooms, other softies.
Are you in the US?
How about this one
http://www.drsfostersmith.com/Produc...4&N=2004+62760 better light and stronger filter I believe. You might want to read reviews on these.
Live Rock-Depends on where you are probably 15-20$ (3lb. should be good but if it's porous you may want less, if it's not you may want more)
aragonite sand-NOT live, will turn live (try to get some from somebody otherwise it's expensive. You may want to just go barebottom, it's cheaper, easier to keep clean and over time you can get stuff to grow and it can look nice, my choice would be barebottom)
powerhead-maxi-jet 400 20$
refractometer-50$ (much better than hydrometer and more accurate)
master test kit-15$
Salt-15$
Source of RO or distilled water
Also
5 gallon bucket, small powerhead (mini-rio is a good one), heater, thermometer. All to pre-mix saltwater to add to tank at water changes
I think that's all you would need but I may be missing something, if I think of it I'll let you know. Are you going to want corals or just inverts?