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Basic Tools

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Recommended List of Tools when working with electrical.

 Tool

(click images for larger picture)
Wire Strippers - come in a variety of types. Plan on spending at least $10-15 for a decent pair of wire strippers.
Wire Crimpers - some wire strippers are actually a combination Wire Stripper and Wire Crimper.
Needle Nose Pliers - Handy for bending wire and wrapping it around bolts. Can also be used to cut and strip wire.
Diagonal Cutters - Good for clipping wires close to boards. Can get into some tight spots and cut where needle nose pliers can't reach.
Small Screwdriver Set (Both Phillips and Flathead):  
Soldering Iron - A DI team can probably get by with a soldering iron that is no more than 30 watts. See below for more information on soldering irons.  
Voltage Ohm Meter or Multimeter - Used to measure voltage, amperage, resistance and other electrical values.  See below for a tutorial on using a Multimeter    
Alligator Clip jumper wires - Great for quick testing of wiring.   

Other Supplies

Colored Electrical Tape - to color code your wiring  
Assorted Wire nuts - used mainly for AC wiring but can also be used for DC wiring. Handy for making quick connections when testing devices.  
Assorted Crimp Connections - One way to make permanent connections of your wiring. Use quick disconnects to be able to easily unplug components.  
Wire ties - great for holding wires together and keeping them neat. They also make a great general "fix-it" box addition because they can be quickly used to hold anything together.   

Other Items to Consider Purchasing

Other Items to Consider PurchasingSolderless Breadboard - for prototyping simple circuits quickly. (The breadboard in the picture is the white board with tiny holes. The picture is from an example in the tinkering with an RC car section of the website.  

Soldering Irons

Video: Tutorial on Basic Soldering Equipment

Video: Tutorial on Basic Soldering Techniques

Multimeters

Video: Tutorial on How to Use a Multimeter