The cool stuff they have now makes me almost wish I was just having my first.
I saw the most beautiful purple carseat, stroller combo at Toys r Us last week. When I was looking 8 years ago the colours were drab and boring and infant carriers seemed to weigh 35 pounds empty.

For starting out I would suggest

An infant car carrier/car seat - you will need that to leave the hospital so don't go straight to a 5-80 lb car seat.

Some hats to keep the baby's head warm

Some towels that have the little hood for babies head since they get cold pretty fast while you are putting on a diaper

Lots of soft little wash clothes

Receiving blankets - about 5 to start at least. They are also good for swaddling the baby

A crib

Crib sheet - remember no bumper pads or blankets in the crib due to SID risks

A diaper change area ideally with a change pad that you can get at sears or Toyrs r us for about $17. Skip the change table which they will outgrow. What I did was buy a nice sturdy dresser for the baby and then put the change pad on top and used that as my chnage table. Now my son is 8 and has the dresser in his room and stores his clothes in the 8 drawers and it will likely last him until he moves out.

Of course you will need lots of sleepers. Personally I liked the ones that zipped up from the feet to the neck rather than doing snaps but everyone has a preference.
Babies will go through anywhere between 2-7 sleepers a day depending on whether their diaper leaks, they burp up milk onto it etc

If you are breastfeeding then get yourself Lansinoh cream - your nipples will thank you. The first two weeks of feeding are a little painful/.tough but it is so easy and convenient thereafter that you can feed the baby when it is hungry no matter where you are

Good bras - bigger than now. Nursing bras rock

a swing that goes from side to side rather than back and forth. Ocean Wonder is really good. I would have died without a swing to put my kids in. It was sometimes the only time they would sleep or give me 10 minutes to shower without them crying.

An exersaucer in a few months.

Doing a baby registry at SEARS or Toys r us should be fun and then you tell people you are on the registry. Be sure to pick out items of different values depending on what people want to spend.

also...you will need a good diaper bag, sensitive baby wipes for the little one, Penaten or zinc oxide cream for diaper rash and be sure to take diapers and wipes with you to the hospital because they will usually only supply you with the first one or two diapers and after that you are on your own.

You might also want an electric breast pump. Don't do manual. The electric ones are so much more efficient and less painful to you

And last but not least....get some gripe water in case the baby has upset stomach. Sometimes babies cry and cry and gripe water often calms them down. It is in the baby section.

don;'t worry too much about toys at first. Children won't be able to see colour yet or grasp stuff for long