I am pretty new to this whole baking-bread-from-scratch thing, but I absolutely love to bake bread when I have time to spare.
I got this great recipe from Mother Earth News, and the magazine is pretty tattered at this point from me referring to it. I use this recipe for both bread and for pizza dough.
Rather than use the full recipe*, I cut it down to 1 cup of water, 1/2 tablespoon (1.5 teaspoons) each of yeast and salt, and two cups of flour.
I've found that special-ordering yeast is a better option than buying packets at the grocery store, since the stuff at the store tends to be really stale. The Bread Beckers are of reasonable driving distance from my house (and they do internet orders, too), and I got a pound of yeast for like $5. I keep it in my fridge, and even though it's a year old, it's still quite viable.
This is a no-knead recipe, so you just add the ingredients together, then stir/smoosh it together with a spatula or spoon.
Let the dough rise for about two hours... I cover the dough with a moist towel to keep it from drying out.
Pop in a hot oven for half an hour, and viola!
*also: The REASON I don't use the full recipe is that I don't have a big enough bowl to contain it. I did not know this the first time I attempted making bread, and without prior knowledge to how much bread dough actually rises. When I returned to the dough two hours later, it had crawled up and out of the bowl, across the table, and was beginning to drip down onto the floor. It was like something out of a horror movie.