My minimum EDC:

Benchmade Mini Ruckus clip knife
Molorola RAZR
Sandisk Cruzer (4GB)
Leatherman Squirt P4
Photon 2
Old Leatherman Wave on belt (usually but not always)
Wallet


Plus:
Since I am a student, I have (90%) of the time my Targus Matrix backpack with:

-Modified DR PSK
-Peak LED Solutions Rainier (LED Light)
-Atwater Carey small FAK (with modifications)
-Small Nalgene bottle w/ water
-Small Umbrella
-Several energy bars
-Easily accessible tiny FAK in external pocket

My backpack isn't my "minimum" carry since I don't have it with me exactly 100% of the time. I really want to incorporate a DR PSK into my ON BODY carry but I am already carrying alot of "stuff" by my standard of comfort.