hrabbit - awesome!
I think a good way to prepare is to read some scripts for your favorite movies which is what I did. Other than that, you'll be watching a LOT of movies during the school year... I guess make sure you watch all the stuff that everyone always talks about - Scorsese, Tarantino, Coppola. I like to look up top 10/15/20/etc lists for suggestions on good stuff to watch. SCA also does really great screenings of independent/foreign films multiple times per week so definitely go to all of those - you'll become so well-versed in movies here! I'd recommend watching some good TV shows if you want something to talk about that will always guarantee a conversation - Mad Men, Breaking Bad, you know the ones.
As far as books, I dunno. Do you mean fiction or non-fiction books about filmmaking? Jason Squire is a professor here who has written some cool books about the film industry. I'm a big proponent of reading in general, so read whatever you can get your hands on!
As I mentioned, I really like to read scripts and I used to check them out at my local library but you can definitely find those online.
Equipment... I'm really into DPing and photography so I own a Canon DSLR (along with lenses, tripod, camera bag, cleaning equipment, etc) and I shoot a lot in my free time. I also own some China ball lanterns, extension cords, dimmer switches, lightbulbs, and gels in case I need to do any lighting/camera stuff but I've just kind of accumulated it over the years. You'll have access to the school's Sony HD cameras in production classes, and you can usually rent/borrow equipment if you want to do anything on your own or you want something extra. You don't really need to make that kind of investment now if you're not dead-set on doing a specific thing. However, if you definitely want to help out on student productions, I'd recommend buying a pair of work gloves (to handle lighting equipment)! I also bought a small tool belt, tape measure, flashlight, marking tape... just basic equipment like that so if a friend asks me to PA or grip on their set I can whip it right out. Does software count as equipment? If you don't want to invest in Final Draft, I'd recommend downloading CeltX - it's a free/awesome screenwriting tool and the majority of my friends use that. It's a great investment. I also have the Adobe Creative Suite and I'm thinking of buying Avid - can't do Final Cut as I don't have a mac.
Other equipment... 16gb+ flash drives are useful. Also, external hard drives! You'll need one for the introductory production class everyone takes but I'd recommend waiting until you actually take the class because they have specific ones you're supposed to buy. I bought a separate one for class and for personal use because having a ton of footage on your computer adds up. Oh, and Netflix. Netflix rules. If my life had a tag line it would be "did you see that Netflix added [insert movie] to instant queue?!"
Racking my brain and can't really think of anything else but I'll definitely let you know if I do!
EDIT: oh, and write down any/all ideas you may have no matter how silly you think they are because when you are churning out a billion scripts at a time for class you're gonna be looking EVERYWHERE for ideas.