Hello Don! I'm new to the board myself, but can probably shed a little light for you (I've been researching compressors myself for several weeks). The biggest question is what sort of brush you will be using, and what you will be painting. T-shirts require higher pressure than most other purposes (40-70 PSI), although the one exception to this rule is if you are using a gravity feed brush, which requires lower pressure (10-30 PSI) because the paint is being pulled into the brush by gravity and does not need as much 'help' from a compressor to be propelled outwards. (Anyone feel free to correct me if I'm wrong here!)
You can buy a compressor at your local stores (Lowes, Home Depot, Wal-Mart, sometimes Sears, etc...) for $50-90 but the major disadvantage is that they can be extremely noisy. Compressors made specifically for airbrushing (commonly called mini airbrush compressors) are generally smaller, much quieter, and more expensive. They also tend to have lower maximum pressure.
I'm currently considering purchasing a fairly inexpensive model from the Airbrush Depot company, but through eBay (better price; auction can be found here.) It has a maximum pressure of 60 PSI. I recently began a thread about it, and several people have similar compressors that work well for them. Perhaps it would benefit you as well; if not, there are many knowledgeable members here who can give you a recommendation.
Good luck!