Daffy - There is a lot to flyfishing. I have been thinking about what you will need to get you started in this endeavor. Sounds like you already have a rod/reel. Presumably it has line on it? If not, I included it in the list.
Here is what you will need to get right away:
Waders (cabela's dry plus breathable is a good inexpesive introductory pair)
Hodgman bantam felt sole boots
Short wading vest (make sure you can fit warm fleece type sweater under it)
Wading style rain jacket
Landing net
Creel (optional)
Spare spools for your reel
Lines matched to your reel and rod weight (I use weight forward floating and weight forward sinking on separate spools to switch out - you can also use sink tips if can't afford the extra spool and line)
Leaders (4x, 5x, 6x, 8x in 9-12' length)
Spools of tippet material (4-8X)
Flyfisherman's nippers with needle
Hemostats
Ketcham hook remover to practice safe catch & release
Stream thermometer
Cord zingers to hold gadgets on vest
Flip focal magnifiers (for tying on size 24 flies to 8X tippet)
Good pair of polarized shades
Minnetonka fold up hat with wide brim
Insect repellant
Sunscreen
Fly storage boxes with foam so you don't dump your collection of flies downstream
Gherke's Gink dry fly dressing
Gherke's Xink wet fly dressing
Assortment of thousands of flies (streamers, nymphs, wets, dries, attractors, terrestrials)
Additional neccessary gear:
To tie your flies:
Fly tying vise (c-clamp or pedestal. preferably pedestal)
Various tools (bodkin, hackle pliers, hair stackers, whip finisher, ceramic bobbins, assortment of sharp scissors)
Assortment of threads
Head cement and lacquers
Ott lamp to provide natural light to tie with
Fly tying bench
Fly tying material
To get your tying material:
12 ga. 3" chamber o/u shotgun
Upland and waterfowl hunting clothing
Brace of pointing dogs
Brace of retrievers
Decoys
Duck boat
Turkey shotgun (12 or 10 ga 3 1/2" magnum)
Good centerfire rifle (.270 or .30-06) to get deer and elk hair
To train dogs to find birds:
Checkcords
Bells, whistles
Remote training collars
Bird launchers, cages etc.
To train hunter to hit birds:
Rod & Gun club membership
Clay pigeon launcher
Clay pigeons
Couple hundred cases of shells
Re-loading equipment for shotshell and centerfire to save money on the cost of ammunition.
Rod building material and equipment so that when you figure out there is no such thing as a universal flyrod you can start making them to fit all your fishing situations.
Finally, a second mortgage and an addition on the house to keep all this stuff in and a dog kennel out back for you and the birddogs when your wife loses patience...
Hope this helps!!