Air compressor system basics

I've got a big 220 volt compressor and read somewhere that I needed a regulator, filter & dryer. I cheaped out and went to HF and I suppose that was my big mistake. So, how much filtering and drying do I need to get nice clean DRY air to my tools and blast cabinet. There are prices all over the range and specifications I do not understand. Is there an "air compressor/tool basics" website or publication that can help figure this stuff out??

BC