[quote=p2000;6097550]Lastly, how does these items differ from regular road wear? Is it really not feasible to wear road shorts in the water and run in them provided the chamois is thin enough to run in?[QUOTE]
I would definitely buy a pair of tri-shorts - way less chamois and fast-drying. You don't have to break the bank - the price range is wide so just aim for the lower end. They might not look as cool or wear as well, but you won't feel like you're running in a diaper when it's still wet after the bike. This is especially true of the sprint length tri because you're not on the bike long so you don't need a century-style protection and there's not a lot of drying time either. I got into tri-shorts and a top for under $80 by shopping the clearance rack.
As for the wet-suit - I got through my first year last year without one by choosing venues that didn't require a wetsuit (I'm in IL). I chose shallow water lakes so they'd be warmer. Check the race rules too - some won't allow use of a wetsuit if the water reaches a certain temp. Otherwise there are many vendors where you can rent one. The main differences in a tri wetsuit vs. others is they are thinner and built for ease of swimming movement and they are designed to get out of quickly at T1. They also tend to be bouyant so your swim time should improve.
-- Joolie