Pedal comes cleats and generally they will fit on any shoe...Unless you're trying to fit road cleats on an MTB shoe then you might have a few problems. ;) Get a nice road or tri specific shoe. Tons of online deals to be had there. Doesn't have to be top tier, but don't go cheap. Ask 5 triathletes or roadies which pedal they like and you'll get a dozen suggestions. I like Look Keo (awesome!). Have had Speedplay (nice), don't like Shimano...
Not sure what else you "lost" but remember the little stuff: Water bottle cages. a frame pump or Co2 Cartridges, spare tubes and a bag for that stuff.

Thanks guys. I remember when I purchased my last bike I spent about another 15% on peripherals that I'll have to rebuy. (Bottle cage, bento box with spare tubes and those little plastic things used to take off tires, frame pump, etc) Fortunately, I still have my helmet, ahh the little things.
Looking through the gear forums it seems that people are pretty happy with the Shimano Trivent shoes so I think I'll start my search there. As far as pedals go, excuse my naivety, but what does the $ on the higher models really get me? As far as I can see I can start shaving off progressively more expensive ounces on the higher end models but I don't think I'm really in the market for those. I'd prefer something that won't get broken on the first day by a total novice like me. I suppose.

gfd: thanks for recommending a pedal that appears to be perfectly in my price range! howdja know?

Thanks again guys.

As Anton wrote, just about any road cleat will fit any road shoe. And yes, get a 'nice' shoe, not entry-level, because a nice shoe will last several seasons. At the same time, you don't need $500 carbon soles (unless that's your budget). Keep a look-out for weight restrictions on pedals. I don't know how much you weigh, but some of the ti-spindled models top out around 180 or so (ie, the upper-end Speedplays). Also, look at the surface area the pedal/cleat takes up on the under-side of the shoe. The larger the surface area, the more area your foot will be able to use to transfer force. Sounds more technical than it really is. It just means that a small surface area may present some hot-spots or uncomfortable pressure in the contact area of your feet. Speaking of small contact area, I've had great luck with the Speedplay 'lollipops'; even with size 42 shoes the surface area/platform isn't as small as you'd think. Another thing I'd think about is if you ever do spin class. If so, 100% (?) of spin bikes use "SPD-compatible" pedals, so if you do a spin class you can also use your road shoes (ie, Speedplays aren't SPD-compatible so I have another pair of shoes designated for spin class). Look for "ease-of-entry". How easy is it/or will it become to clip in? I prefer double-sided entry because it is easier to enter by 'feel'. You'll still have to look down at your fee when your first get them, but the learning curve for double-sided is a bit less steep. I don't think Look does double-sided, but I'm not 100% positive. Crank Bros Egg Beaters can be entered from any angle. And finally, consider 'float'. Do NOT get pedals that have no float. It could tear up your knees. Get pedals with at least 15% of float.

So, "when it is put in front of you", look at 1) single- or double-sided entry; 2) 'float', 3) spindle material (cro-mo, ti) 3) SPD-compatability, 4) and finally, weight.