Fly fishing can be pretty expensive to start out. For a cheap good rod check out allen fly fishing,they have lifetime warranty. For trout and reds I would go with a 8 weight.
http://www.allenflyfishing.com/compass-rod-series/ For a reel a good "cheap" one is the orvis.
http://www.orvis.com/store/product.aspx?pf_id=3R44 For flys it's hard to beat the classic clouser pattern. PM medheavy6'6" on here he is a orvis endorsed guide and ties flies,he will hook you up.