I would recommend going to a fly shop and casting rods. Also - the weight of the rod will depend on your target fish. If you're flyfishing local lakes - you'll find smaller fish. If you're looking at hitting the interior (my personal favorite) you'll be into much stronger and larger fish (in general). Overall - I would suggest start looking at a 6 weight rod for trout. Also - I would agree that a medium action rod will be easier to learn to cast than a fast action rod. I find that the medium action rods, like the Sage DS series, cast very nicely and have a "forgiving" timing window.
I started with a 6/7 weight custom built graphite rod given to me by my father. Nice rod - but a bit on the "slow" side. Also - I personally found the 6/7 to be a bit on the heavy side compared to my five weight rods. I then went to an Orvis Silver Label rod (fast action) and I found this rod to be too stiff. I prefer a fast action rod for salmon fishing as I will need the extra backbone to cast heavy sink tips. But for trout fishing - this just isn't needed.
My two main trout rods are the Sage 590 VPS and Sage 590 SLT. I prefer two piece rods as I don't need the travel versions. I find that these five weight rods are perfect for my target species. I've landed trout to 5 pounds with no problem. I've also had fun with those 12 inchers at Alice Lake! Also - I do lots of chironomid fishing and I find a medium action rod to be ideal as opposed to using a fast action rod. This is especially true if you're using the sinking line chironomid technique!
As for lines - I'd go with a good quality line. I use a full floating line on one rod, and a sinking line on the other. I've got a type III sinking line, but I primarily use my clear intermediate "slime" line on my other rod.
Since you'll likely be using just one rod to start - get a reel and an extra spool or cassette. You can get an inexpensive "dragonfly" reel and extra plastic cassettes to store your lines. Then you just change cassettes when you need to change lines. If you really get into trout flyfishing, you may find that two rods are ideal (I do). But one step at a time...
As for flies - I like the ones listed by biffchan. I primarily use sizes 12 - 10 for "trolling" or "searching" patterns - but it depends on what's out there (a little entomology helps here). As for chironomids - well, the sky's the limit!
Also - I'd recommend reading some books. I like "The Gilley", "Westcoast Flyfisher", and "Flyfishing Small Lakes for Trout". You can also try Morris and Chan's Flyfishing Trout Lakes.
Have fun and give me a shout if you want more specific information...
