Congratulations!
As has been well-covered on this site, the most important stuff is not gear, but mindset. A new baby's a joy, but also an incredible stresser. Expect you'll be getting a lot less sleep for several months, until your baby gets into a good sleeping rhythm. Expect not to understand why your baby's crying sometimes - you can exhaust all likely options and still not come up with a "fix." I found this very frustrating at times - I felt like I was addressing all possible concerns (hungry, wet, too hot, too cold need to be held) and doing everything I could to comfort the baby, so therefore the baby should be comforted and stop crying. Doesn't always work that way.
Also, expect a general increase in tensions between you and your wife that will last a while - people's tempers get short when they're tired for a long time, and it's very easy to unintentionally annoy each other. Plan on the need to expand your patience, don't rise to a fight neither of you really wants, and try to keep your sense of humor.
Use teamwork - if you're taking turns with the baby, you'll inevitably hit a wall where you just don't think you can stand it(the crying, being so tired, whatever) any more - time to tag your teammate and take a break - and be ready to take your next shift when called.
And finally, accept the help people offer. If you've got friends or family who offer to watch the baby for an hour while you catch a nap, take them up on it! Accept offers of food, offers of picking up groceries for you, whatever. All these things can help - just be sure to pass it along when other need it.
As far as stuff to be equipped with, I'd recommend a tour through one of the huge mega-baby stores (a flagship Babies R Us will work nicely). Go in, with your wife, with the understanding that on this trip you will buy NOTHING, and you are merely educating yourselves. When my wife and I did this, it was overwhelming, and we had this panicky feeling that there's no way we could cope with a baby unless we bought every contraption they offer, including (I'm not making this up) baby wipe warmers.
So, use this trip as a chance to see what's there, get a bit overwhelmed, then calmly try to figure out what you'll actually need.

First, I'd recommend you accept as much stuff as friends and family want to lend/give you used. Most stuff for babies/children's first years are going to far outlast the use by a single child. In the first year or so, your child will outgrow all their clothes long before they wear them out. Things like "baby saucers," gyminis, toys, etc., will generally far outlast the child's attention or their necessity. We found friends and family practically begging us to take stuff off their hands and clear out their storage spaces - and we were glad to do it. We've rotated several items from friends to us to other friends and now back to us with our second baby. That said, there's some stuff you'll probably want for yourselves.
--A squeeze bulb with a door in the base. If/when your infant gets a lot of mucus, this is really the only direct way to deal with it. The trap door lets you empty the bulb, while sealed bulbs will keep whatever you suck in and are basically impossible to clean.
--Emery boards/nail files. Newborns very soon have very sharp, razor-thin nails. I used tiny clippers on my son's fingers with good success, but the first time I tried it on my daughter, as careful as I was, I cut a bit of the pad of her finger. Save the clippers for when they're older.
--Of course, a good safety rated car seat. Advice I've seen is that this is NOT a good item to inherit as a hand-me-down. We got one that was a bundled car seat/baby carrier/stroller package. A base is strapped into the backseat and stays there, and the carrier snaps into the base, can be released when you get to your destination to carry the baby, and snaps securely into the stroller if you're going on a longer walk. Also worked very well for us with our first child - for a long time, we had trouble getting him to fall asleep for a nap lying down, but he would doze happily in the carrier seat, and we could put him into/take him out of the car and stroller without disturbing or waking him. Very handy. However, car seats are weight specific - as your child grows, you'll need larger seats. I consider this to be perhaps the No. 1 safety item for my kids.
--Carrying device. We've been very happy with the "Baby Bjorn" device. Some of the sling devices look nice, but I've found them to be uncomfortable - dig all the weight into one shoulder.
--In the early days (first several months), a "Moses basket" is a nice item - basically a padded basket for the baby to lie in, with handles to carry it by. Makes it easy to move from room to room with a sleeping baby without waking them - but not useful once the baby gets mobile.
--Mylicon. This is a brand name of an anti-gas formula that comes in a dropper bottle. Some persistent crying is due to gas. You should of course check with your pediatrician, and it's not appropriate at all ages, but we found it to be very helpful once we recognized the signs in our son. Good to have on hand before you need it.
--Pedialyte. Electrolyte replacement. We just dealt with a stomach virus, and my son was getting very dehydrated. While this wasn't the answer to the problem itself, it helped a bit - again, good to have on hand long before you need it.
--Activated charcoal. Neutralizes a lot of nasty stuff kids swallow
--Baby safety stuff - electric outlet blockers, doorknob baffles, toilet bowl locks, etc. Babyproofing is like dealing with a slow, yearlong flood. Dainty/breakable items slowly get moved higher and higher as the child becomes more mobile, taller, and more able to climb.
Anyway, that's my suggestion. Cribs, changing tables, etc. - there's time for all of that. Don't go out and buy a baby suite right off the bat - see what folks can help you out with. And a lot of the gear - outlet plugs, etc - you'll have some time before you have to have it.
Enjoy your baby -- most of the cliches about parenting and babies are true -- they change quicker than you can believe, etc., etc.
Take care

Dave