Welcome to the zone!
I will give you my take on getting started cutting your own circuit boards.
Hardware; cutting tools. I use and sell 60deg v-shaped tools for circuit board engraving, check out www.drewtronics.net There are many others selling tools for circuit board work as well, but I think mine are the best Other common angles people use are 30deg, 45deg, and 90deg. The shallower the angle the shallower the point on the tool, witch helps keep the cutting width of the tool uniform over the surface of a board that is not held down perfectly flat, or a machine that does not repeat z-depth accurately. 30deg tools have a delicate tip compared to the 90deg.
You will also need a method of holding the circuit board down flat. This is very important, and can make all the difference when it comes to surface mount boards especially. I use a vacuum chuck, but I have seen people use 2 sided tape, super glue, toe clamps. This will require some experimentation to find out what works best for you and the boards you produce.
Software; to design circuits = eagle : cost is free
Eagle can be tough to get started with, but just devote some time to it and you will find it gets better with time.
Software to convert eagle pcb design into g-code to run your mill = pcb-gcode : cost is free check out the yahoo group for it
pcb-gcode works really well, its easy to use and has lots of people using it and supporting questions.
Hope this helps, have fun milling boards, its the best way to produce circuit boards at home in my opinion.