Something else to keep in mind: I've seen inductors that look like resistors (yes, there is an inductor color code as well). In this case, the inductors were cylindrical. Most resistors are "barbell" shaped - but some (generally older ones) are cylindrical, too.
If you have a smartphone, you might want to look and see if there is an application for resistor color codes; I don't know about the iPhone, but for my G1 (Android), I purchased this app called "Resistor ID Pro" - another I like that was free is called "Electronica".
Knowing the resistor color code is useful (The mnemonic I learned a long time ago - Bad Boys R...I won't go there), but having an app helps at times; the thing I like about the Electronica app is that is has more than just a color code calculator - it also has tools for capacitors, figuring out LED resistances, charts, cable pinouts, and a whole lot of other useful bits.
I've actually found my G1 to be indispensible when I go to my favorite "haunt" - Apache Reclamation and Electronics. If I pick up a part or see a board that looks like it has an interesting component, I can just hit the browser, go to google, and do a search for a datasheet - if I find one, I can then know what it is, what it's going rate is (on the surplus market - so I know if I get a fair deal at the counter at ARE) - or if I come up with nothing (or a bunch of links to the weird "scam" sites for electronic components you see - if you've ever searched for a datasheet, you know what I mean) - then I can just leave it alone, and move on. Saves some time and money.
A meter is absolutely essential, though.