Hi Seth,
Welcome to the world of wood carving! The most enjoyable, relaxing and rewarding hobby that man has devised. You can look forward to many years of enjoyment, and you will never again be bored! You don't need a lot of tools, Flexcut makes a good range of products, so you can begin immediately.
If I could offer one piece of advice, it would be to be sure to learn to sharpen your tools even before you begin carving. It isn't difficult and your investment in stones doesn't need to break the bank, just see them as essential! Nothing will put off a new carver as quickly as dull tools, though fortunately Flexcut come sharpened. But get their strop kit, it's only $10 and essential.
As for wood.......use what ever you can find to practice on. Anything. Old 2 X 4 ends, broken tree limbs, firewood, I've used old dresser drawers as carving wood....they use to be made of Boxwood and thats a great carving wood. Basswood is good to learn on....not expensive, and should be available locally. Butternut, Walnut, Mahogany and Pine all will carve beautifully, especially relief carving. Practice, practice and practice.
Don't buy a lot of books to begin with, borrow them from your local library, they will bring just about anything by inter-library loan , if you request them. Richard Butz's book 'How To Carve Wood' or Chris Pye's book 'Elements of Woodcarving' are good ones to begin with. But there are lots out there. Just be careful, you can spend a lot of money on books if you aren't careful. Besides, you have a whole lifetime of birthdays, Christmas's and so forth ahead of you, for your 'wish list', and your family will never have a problem shopping for you again!
Joining a carving club is also handy, and carvers are the nicest folks you will ever have the pleasure of spending time with.
Feel free to ask any questions you like, that's how you learn. We all enjoy passing on our experiences to others.
Most of all, enjoy your carving and creating. Best of luck to you.
Bob