I'm a journeyman welder, and I've got to tell you, the more power the better. The reality is, you can weld two pieces of steel together with oxy-acetylene (torch welding - before new-fangled things like TIG and fancy inverter power sources came along) but it takes skill (lots of practice - lots of screwups) and a lot of patience. If all you have for a work area is a shack out in the woods that will have to do, If all you have access to is 110V 15amp household current, then the little machines will have to do. If you have three-phase power and about 4-6 grand to blow then you can be set up with an industrial machine that you can do everything with.
Basically what I'm saying is this, work within your limitations (both financial and electrical) and experience:
-wire feed is generally easier for a beginner to learn (once the machine is set properly, you pull the trigger and it welds) although this process is more limited than stick (more electrode options) and TIG
-Read everything you can get your hands on - there are specific welding procedures for medium and high carbon steels/tool steels (preheat, interpass heat, postheat, etc.) a little bit of metallurgical knowledge will help you understand the welding process and help you make better welds
-if you are limited financially (aren't we all) try not to buy a new machine. There are plenty of the 110V stick and wire feed machines floating around on the web and in pawn shops. Do some homework, find out what the new cost is compared to the resale cost (good tools are an investment, poor tools are an expense) get the best machine you can reasonably afford.
-practice, practice, practice (oh, and keep a supply of first aid stuff for burns on hand - it's gonna happen, no matter how careful you are)
Have a good one,
Nathan