Cold Weather Running clothes...what do I need?

Turtle003

Okay - so this is going to be my first winter running outside. Last year I did the treadmill and I refuse to step foot on it unless I absolutely have to this winter. What kind of running clothes would you recommend? I live in Central Iowa so we get the blowing wind and ice. I looked at the running tights last weekend and they were priced at $100-$140 each....is that about right or crazy expensive?? Do you run with YakTrax on your shoes? Any winter running advice is appreciated!