Photography Wish List

Ok folks, so after countless hours of research and recommendations from the photographer I've been working with, this is the initial combination of photography equipment I'm thinking of buying:

1. Camera: Canon EOS 40D 10.1 MP Digital SLR Camera

2. Lens: Canon EF 50mm F/1.8 1.8 II Lens

I can find both of these on Ebay for a combination of about $500, which considering my budget at this point is about $12, I have a feeling this is as close as I'm going to get. Any photographers out there have any advice for me? I'm an open book!!

Keep these requirements in mind:

- I'd use it for action/journalism shots more than portrait shots
- Some landscapes
- Extremely low budget

Any words of wisdom?