What is the Required/Reccommended Gear for Sprint Triathlon

Here is what you NEED:
Bike

helmet

shoes--unless you do everything barefoot

swim goggles--unless you don't care if you see where you're going (but the guy next to you might take offense when you clonk into him)

Some sort of clothing to cover your goodly bits so you don't get arrested or DQ'd for nudity.

The rest is just window dressing and "I want". :-)

Keep it simple.  A lot of those little gadgets are only distractions.  They're fun to shop for, but at the end of the day, they're not needed.

Get the neccesities and have fun!

Assuming you have the following:

Swimsuit
Bicycle
Helmet
Running shoes
Shirt* (bare torso's may not be allowed, but I don't know what your swimsuit is like.  This controversial rule is unevenly enforced and you may be racing where the race director does enforce it. )

You don't *NEED* anything else.  (But you might try running and/or riding in the swimsuit. ) 

The race usually provides swim caps (they use different colored caps for different waves)

If the swimsuit doesn't work for the bike/run activites, you can a trisuit or tri-shorts and a tri-shirt. 
Goggles
Sunglasses (to keep crap out of your eyes).  Sunglasses do not have to be expensive. 
Socks (for me at least)
Sunscreen
Water bottle for the bike
Tool kit for the bike
Spare tube for the bike
Pump/inflator for the bike
Hand towel to clean off your feet after the swim. 

Then you start getting into the *WANTS*
Wetsuit (unless the water is <65F)
Race belt
Clipless pedals and cycling shoes
Aero helmet
Carbon Fiber (anything)
Running hat
Tri-bike
Deep aero, disk, tri-spoke, or "race" wheels

You don't need the HRM, pool toys (paddles, fins, kickboard, bouy), cycle computer, power tap, Garmin, RoadID, etc. to race (but I would invest in some form of durable, easy-to-find-on-you-in-case-of-an-accident ID for training rides/runs). 

You'll hear this over and over on this site (because it's true), but putting on anything after the swim is going to be hard and slow you waaaay down. Also tri-shorts are better than bike shorts because the pad is thinner and will dry quicker, so you can wear them in the swim without a problem - just hop on the bike. You can also train in them if you are trying to save money.  Keep in mind, though, that the more you wear them, the more you should wash them, and the shorter their lifespan will be.

As for the weight, very few people look good in spandex.  Even many fit triathletes have enough body fat to look like a sausage. And as you tell by the active threads in the weight loss and the Clydes/Athena forums, there are a lot of us who not uber-fit, just out there tri'ing.  On race day, you will see all types of bodies, and no one really cares about it.  If you don't believe me, go to a local tri before your race (or even volunteer to help out), and you'll see all kind of bodies, all kinds of bikes, and in general, the friendliest and most accepting group of athletes anywhere.

Woah, $300 deposit so not in the budget, none of their suits would fit me according to the chart, and i could probably buy a wetsuit for cheaper than that.

i hadn't read that anywhere... it's hard just to pull on some shorts? Harder than peeling off a wetsuit???  i rode 8 miles today and am not sore at all, i'm starting to wonder if i even need a pad (my bike has a really nice seat).  My aunt has said repeatedly that she imagines that riding while wet will cause chafing:  is that generally a problem?  The tri bottoms that i tried on were very uncomfortable except for the chamois, i'm kind of wary about them, though of course maybe i just need to buy a different brand.  I still don't want to be showing my butt off in shorts that are see through and fit wrong.  Ugh i had no idea that this would be so expensive and complicated.