smh_999:
Yes - I am new to HW Electronics, I have a multimeter already (Not that I use it, mainly because I don't know how...Yet!)
Then you should start learning this - now - before or soon after you get your Arduino.
smh_999:
Are there any concepts I should start reading up on? e.g I have no idea what a capacitor, resistor does etc...Someone mentioned learning about OHM's law also???
Ohm's Law is fairly simple: V=IR - that is, Voltage = Current x Resistance, Resistance = Voltage / Current, and Current = Voltage / Resistance
But that doesn't tell you anything, I'm afraid - you need a greater background to understand what is going on. If you are serious about learning electronics, I always reccommend Grob's "Basic Electronics" and the Engineer's Mini Notebooks by Forrest M. Mims III; there are others on here who also reccommend "The Art of Electronics" as a good book as well.
Note that Grob's "Basic Electronics" is a textbook (used in EE101 type courses), and as such, can be fairly expensive bought new; buy it used, or buy an older edition. I reccommend it because it starts with "What is an electron" - and works up from there, with theory, math, and application in a very in-depth format. As noted, it is a college level textbook, very dense, and can be a difficult read - but it is all there.
Forrest M. Mims III's "Engineer's Mini Notebooks" were originally published by Radio Shack, back when they used to be a great store for hobby electronics (instead of a place to avoid like today); nowadays, you can find these notebooks used on Amazon, Ebay, Alibris and the like; there are also newer editions available that combine the notebooks into fewer books - Mr. Mims also has a fairly nice website you should check out as well. These little notebooks cover the gamut of basic (and some advanced) electronics - both analog and digital; there's ones on extremely basic components, how they work, etc - there's others on reading schematics, one about the 555, another about Radio and Communication, etc - a very handy set to have around, all come with many example application schematics for a variety of interesting circuits.
Also - check out the various free PDF books on beginning with an Arduino - Earthshine Electronics has an awesome one; there are others around as well (man - this kind of stuff really needs to be collected somewhere - I'd love to just point you to a page and say "go for it").
In addition to your Arduino, you are going to want to buy some components; if you are just starting out, and don't feel comfortable shopping around, then there are many kits of components for the Arduino available (there are even kits with the components and an Arduino - for instance, Earthshine Electronics and AdaFruit have such kits); but if you are - you can sometimes get the components even cheaper, especially if you shop surplus (learn to shop surplus where you can).
Finally - as you gather components, think about how to store them; I always reccommend a tackle box or similar to start out with - or, if you have the room and a dedicated workbench/desk for electronics, Stack-On brand mult-drawer storage containers. Others like zip-lock bags or other similar filing systems (I've even heard about people using 3-ring binders)...