Hex color codes.
Image creator such as Photoshop, Illustrator, Freehand, etc.
Understanding of how screen resolution affects site layout.
Vision of the future and/or goals.
How to attain qualified traffic.
SEO.
Keywords.
Generating Income.

A Computer?

Yes that is correct, I think we all sort of assumed that the webmaster already has a computer but yet, and up to date computer will be useful

Originally Posted by Paul_KY

A Computer?

If your going to go that far then maybe you should mention fingers to type with as well.

I would definately recommend a good, strong, comfy computer chair that keeps your posture good as you'll be sitting in that chair an aweful lot.

A monitor?

My Toolbox:
Dreamweaver MX2004
Paint Shop Pro 8
Notepad <-- awesome!

That's it. I started off using only Paint Shop Pro 6 and Notepad, and a few months ago decided to get Dreamweaver and a newer version of Paint Shop.

Bungo

Try this software (free) - you right click on a webpage and you can select keyword density, position reporter, link anlyser, se optimizer - all results are shown in a pop-up window after you type in the keyword. No ads.

http://www.mouseclickapplication.com/products.html

I really like this tool.