I’d find a group to play in before starting to make your character, for a couple of reasons. As above, it’s important to make sure you fit in with them, so that your initial playing experience won’t be a bad one and turn you off from the game (which would be a tragedy).
Secondly,you’ll need to find out which edition you’ll be looking at—since 4e is so new (and in many ways controversial), it’s kind of a toss-up to say which ruleset you’ll be on, and it would be a shame to spend any money on books that aren’t what you need in the end.
On the subject of books, your group might also be able to lend copies to you before you buy—just to make sure you’re happy with everything. However, do try and get your hands on the books before you play with that group, so you can look through the races and classes and perhaps start to get an idea of what character you’d like to make (that’s what I did, before even worrying about the rules—which are much easier to learn from gameplay than from the page).
Once you get ready to make your character, it’s nice to have a group already so that you can a) ask for advice from the other players on what builds might work well, especially in the context of that particular party, and b) ask the DM about any special house rules they might have. I was abroad when making my first character, and so did it with only the PH’s basic rules; after having played that character for a while, I discovered that the DM had a house rule about rolling basic ability scores that is more powerful than the core DnD rules—which would have been great to know, and can’t really be changed once play has started. Of course, if you want to try character-creation on your own beforehand, which is always fun (at least it was in 3rd; I didn’t learn on my own for 4th, but it shouldn’t have changed!), then you’ll give your character sheet to the DM before you start play and hopefully they’ll sort anything out of that nature.
That was rather rambling; my apologies and I hope there was some small bit of help somewhere in there. As others have suggested, definitely buy yourself some dice; I’d recommend getting a full set straight off the bat, since it’s always nice to have pretty matching dice! But get whatever you can find. If you want to buy the books, the PH (Player’s Handbook) really should be all you need, especially in 4th edition.
Whatever you do, good luck! DnD is an amazing hobby; glad you’re looking to join in.
@foolaholic: why didn’t friend 1 just ask friend 2 for the sword? Are they not friends? ;) Poor lute…