I admit, I've been taken by a fancy and I want to make knives (and eventually graduate up to bigger and more complex weaponry like swords, axes and the like). I have done some research and found some great information. There are several self-taught smiths that can do great things moving metal, so I know it can be done.

I've decided to make my own anvil from a piece of railroad track, my own forge and keep on the cheap for tools for now as I don't want to incur a lot of expense for something until I know I have a real passion for it and can be very good at it.

I was wondering if anyone else out there is an experienced smith/aspiring smith and had any advice for me before I get my angle grinders and start making tools.

Building your own forge is entirely possible, but requires quite some time and effort. Don't forget that you'll have to blow lots of air through your forge to fan the fire. (Bellows or a good fan)
As for the anvil, a railroad track will work for forging knives, but for swords you will need something more massive. And for the hammer I would really advise you to buy a good one. I wouldn't trust self made hammers and flying shards of steel aren't fun. (but that's more a personal feeling, because I got hit by a shard splintered off a bad quality hammer once. Perhaps you're entirely able to make good tools yourself. That's your call)

I was going to buy hammer and tongs, and I will be starting on knives. I want to sell them at the local flea market and use that money to upgrade my forge (basically saving the money from my hobby FOR my hobby) I eventually want to move up to a 75lb or 100lb anvil for forging larger items. As for hammers, I am thinking wooden mallet, a 60oz maul, and some specialty hammers.

I think that's a good start. A friend of mine built a forge as well and sells stuff (knives, ornaments etc.) at medieval markets. He also does custom swords, but only on request. Shurikens go especially well, even though they are totally anachronistic at medieval markets! :-)

Yeah. I know I need a belt grinder (well WANT one :)), some angle grinders (4 1/2in, 7 1/2in or 9in), a quenching tank, an actual forge (probably built from part of an old 55 gal drum lined with masonry brick), a bellows (my first forge won't be a gas forge, but a coal forge so maybe a fan or shop vac for air flow with an adjustable vent to control temperature).

How can you build up enough heat to melt metal? I know it is possible (with somewhat crude tools) but how is that even done?
Do you have to build a container that keeps the heat in and burn lots of stuff inside while ensuring that the fire has good conditions to continue burning?
What type of temperatures do you even need to reach?