Do you have any specific voltage or frequency requirements?
You may be able to do something "simple" to view waveforms with limited/constrained voltages & frequencies, but I would NOT attempt to build a general-purpose 'instrument'. I wouldn't try to build a multimeter either, but if you need to measure a voltage or current within a known range for a specific purpose (such as a voltage in a thermostat that's proportional to the temperature) that's OK.
This is not really a beginner project... Do you have any electronics or programming experience?
OK, Like any project, take it one step at a time... Start by measuring voltage. The Arduino's analog-to-digital converter has 5V and 1.1V references built-in.
The Arduino can be damaged by voltages higher than 5V and by negative voltages. If you'll be connecting to unknown voltages, you'll need to protect the inputs. Assuming you want to measure negative voltages, you'll need to bias the input (then you simply subtract-out the bias in software).
If you buy an oscilloscope probe, note that most probes are "10X" which means there's a 1/10 voltage divider inside the probe... If you're getting 5V out, you're putting 50V in. Tektronics 'scopes(and I assume others) will detect the 10X probe and adjust the display accordingly for an accurate display.
Once you can measure voltage you are measuring amplitude.
Then, you'll need to learn to display graphics (on an LCD screen, I assume).
In order "capture" a waveform, you need to sample the voltage at known intervals (a known sample rate). Once you've captured an array of voltage readings, you can plot the array and you have a waveform display.
To calculate the frequency, find the zero-crossings and calculate the time-period between two consecutive positive-going zero-crossings (or between two consecutive negative-going zero-crossings). The frequency is the inverse of the period. If the waveform is not centered around zero, you can find and use the mid-amplitude point. (This will only work for "nice" regular-simple single-frequency waveforms.)