KSansha- Welcome and good luck. I think that the Couch 2 5k program that Josie doing is a great way for beginners to start. The program is on the coolrunning.com website if you are looking for one.
Josie-I know that fronting money for shoes is vary hard, but definitely worth it. Good shoes will protect you from injuries and save you a lot of hassel in the future. Plus, you will wear through them more slowly so your money will last longer. I like the suggestion of going to a running store to find out what kind of shoes you need. You don't need to buy them there and it is the easiest way to get the right shoe for your foot type. And really they don't have to be expensive. I don't have any special shoe needs (luckily) and just bought a pair for $70.00 that are considered one of the best pairs out right now. Even going for a moderate shoe you shouldn't have to spend that much. As far as the brand of shoes there isn't just one or two. Most brands have several decent running shoes and it will depend of your foot type.
You definitely only need to run 3x per week. Especially in the beginning. If you walk everyday I would just continue doing that on the days you aren't running. If have been running for several years and still only run about 4x per week.
As far as clothes. Wicking clothes are great, they really work and if you are running in warm weather a lot much more comfortable. However, I feel they aren't necessary for running (better to spend the money on shoes). I have some wicking clothes that I save for hot days (and reversely some in the winter is save for really cold days) but for the most part I just wear shorts and tank tops/t-shirts, etc. A good rule of thumb is it generally feels about 20 degrees warmer when you are running, so that is how you should dress. At this time of year I try and run in the morning before work or after 5:00 to have cooler temps. Since it looks like tou will be running in the morning that shouldn't be a problem for you. Suprisingly the days that are hardest are not the hot ones but the humid ones. I would suggest just trying out your regular work out clothes for now to see how they work for you. Plus, that way you can avoid spending more money until you really find out whether you like running or not. Although I am sure you will.
Sorry this is long post. I hope I answered your questions. Good luck!
SJ