You don't have to have anything to start with-most groups will let you borrow for awhile, till you are sure you want to do it. After that, authentic period clothes and a gun will cost you about $1000+. Contact a local group for more info.
No formal requirements beyond the obvious: willingness and interest, some knowledge, and proximity to an existing group. Do some research, make some calls, volunteer, and you'll be warmly welcomed.