You need wraps. Most gyms have gloves.

However, here is what I would buy if I was you boxing at a free gym.

Wraps. A must. Mexican 108"s
Gloves. Bag gloves first. Decent Leather ones will run you about $30-50 on sale at titleboxing or ringside. I'd go with hook/loop 12-14oz. You can also buy Everlast training gloves that you can double as bag gloves if you want. That's what I do. Cheap training gloves on the bag, good training gloves for sparring.
Once you get sparring, get a mouthguard. $15. And if you can afford it, get some nice 16oz training gloves. I LOVE my Tuf-Wear gloves.
Headgear. Decent headgear will run you about $40-50.
Shoes. Optional, IMO. I have the cheapest Title shoes you can get and they're fine. When you turn pro you can go for the good stuff.

Bags: not really necessary, IMO. But I have a vinyl Century bag that I'm happy with and an Everlast gyro leather speedbag. I hung my heavy bag from the basement rafters so no stand was needed, and I made my own platform for the speedbag.

[img width=700 height=465]http://www.freewebs.com/mjmpainting/rf1.jpg[/img]