Originally Posted by miamijim

+1 to the above.

Go to Sears and buy a set of Craftsman screwdrivers, a socket set with sizes ranging from 8 to 17, a wrench set with sizes ranging from 8 to 17, a big ass Crescent wrench, an Allen key set with sizes ranging from 2 to 10 and maybe a set of pliers.

Buy bike specific tools as you need them. If you want to buy some generic tools go ahead, some basics I recommend:

1. Both red and yellow Mr. Spokey spoke wrenches or plastic DT's.
2. A complete set of cone wrenches
3. 8, 9, 10 'Y' wrench
4. Thrid hand tool.

Thats about it. Everything else 'buy as you go'.