My garage nook:
Cheap rack. I've used floor stands, a roller trainer, my car's trunk rack)
Crank puller (threaded)
Pedal wrench
BB foursome (plug, cartridge, straight-cut, slotted collar)
Chain tool (a good one)
cassette tool (and what you may need for freewheels)
Chain whip
Spoke wrench
Dremel tool with cutting discs
Needle-nose pliers, medium
Channel lock pliers - medium
Simple metric socket set (8mm smallest up to headset top nut size)
Small metric combo wrenches from 8mm to headset size)
Small hammer
Small rubber mallet
Assorted wooden dowels
Third hand brake caliper tool
Tire levers
Tire pump
2 good regular screwdrivers, one small enough for FD/RD adjusting, one larger for prying.
2 good phillips screwdrives, " "
A pair of scissors
Single edge razor blades
A good set, preferably two, of metric allen wrenches
Workmate or similar/bench with vise
Lighted Centurion sign.
Calendar
Carpet remnant to catch the parts I drop
And that's it, the entirety of my tool inventory.

I simply don't use much else. If I had my druthers....:
Headset remover and press
Assorted freewheel tools
2nd chain whip
Truing stand
Better rack
Large magnetic mat
Parts washer
Cone wrenches
Bench grinder with buffing pads.
Refrigerator
Sony SAVA-7 speakers.
Tim Allen's tool girls.

Bike tools are not expensive. If you have an LBS friendly towards you, or their wrench is, offer to buy his/her used tools when he/she decides to upgrade. They need them a lot, you don't, in most cases. That's how I get my bike-specific tools; LBS gets a new one, I offset that cost by buying the old one. Win/Win, and I've not paid more than $5-$8 for any tool yet.

A. Winthrop has gotten most of his from eBay, where there are amazing deals once in a while. If you post a WTB on CL, you'll generally get calls, but be ready to buy all of them, not specifics. Swap meets are great places to pick up tools and especially racks.