In reply to Shane jones:
As a couple of folk have touched on, everyone has certain preferences in what brands they like in what commodity. I love just about everything DMM make except for their cams for instance. The circumstances we put together a rack all differ and it's hard to agree on what a basic rack is. I love my rack and have refined it over the years on a cost is no issue basis. But that's on a backdrop of I have been climbing often and frequently enough to know that the cost vs return calculation is easy. The drivers may be different for a first rack.
Some truths: You can carry too little gear and impact safety, you can carry too much gear and impact chances of success. You can carry too much of the wrong type of gear. It all varies around rock type, length and route features.
That said places like Plas Y Brenin have a base rack, so it's not beyond the wit of man to make a reasonable stab at it. Some will give advice from refraining from buying cams early on. On some rock types that approach will either be scary or dangerous or both. The take away is that time spent learning how to milk every opportunity out of passive protection is time well spent. Its also easy to see cams as plug and play, and this is not really the case especially on low friction rock types.
So at the risk of getting shot down in flames this is my suggestion for a base rack, assuming you have all the personal stuff like harness, helmet, belay device and nut key (Other options or available):
Quickdraws
6 off 17 cm, 2 off 25 cm, 2 off sling draw made up from 60 cm slings ( Avoid shorter Quickdraws for all round climbing)
Nuts (My list so DMM Wallnuts)
1-11 ( 1 set)
2,3,4,5,6 (part set)
Racking crabs for above
Torque nuts (Again my list so DMM)
Size 2,3
Racking crab/crabs for above
Cams (If I had only one choice, I would go Black Diamond Camalots in these sizes based on ease of use and robustness)
Sizes 0.5, 1 and 2 (this is bare bones remember and 0.75 fills a gap, and for gritstone just go 0.3 to No3/4 with one set of nuts)
Racking crabs for above
Slings
3x120cm each with a lightweight screw gate each. (People seem to love carrying way too many screwgates, you can always back to back wiregates)
1 larger screwgate.
That's probably the bare bones for an all round rack in my book. Long sections of wider cracks would be scary with that rack, but you can avoid those routes generally for now. Gritstone can be cam intensive and even doubles can be useful in the mid range sometimes. The point being that the list above is 85% plus of what you might need and tweak over time. Personally I don't carry Hexs, but have nuts up to 14 and a full range of cams to choose from. But that's how I have tweaked to my taste, what I have listed is a desert island rack if you will. If you have the money simply expand the cam range.
Hope that helps.
Wayne