Leave clamping for later — I would say that you should have a minimum of 6 months PE experience before clamping (a year is even better). And most people would advise you to not mix hanging and clamping (though a few brave warriors have tried and might disagree with the masses).
To get started in hanging you can either go BIB, vac hanger, or with one of the may DIY options. BIB is probably the best for heavy weight and will last longer than you’ll need it to. Vac hangers (which I have no experience with) are said to be generally more comfortable for many, but are generally considered less suitable for heavy hanging. There are too many DIY options to mention here — do a search and you’ll find plenty of ideas here on Thunders — these will be much cheaper and many work just as well as the commercial options.
You’ll need material for wrapping. Most people seem to use two layers: some sort of cloth layer against the skin and a theraband layer on top.
You’ll need resistance. Most people use some sort of weight (water bottles, weight plates, dumbells, etc..). Some people use bungee cords or exercise resistance bands. I stared with water bottles, moved to weight plates, and have recently switched to resistance bands — the bands are much easier to use and make some hanging angles much easier — I’ll probably never go back to actual weights.
There are plenty of articles that cover all of this. Go here Most Important Hanging Threads and do some reading. Start off light and go easy at first.
Starting (May 2010): BPEL:6" EG: 4 7/8". Current (April 2011): BPEL: 6 3/4" EG: 5 1/4".
Short Term Goal: BPEL: 7" EG: 5.25" Long Term Goal: When my wife makes me stop or 8"x6" (whichever comes first)