I think the single most important thing to learn when first starting out is getting to know the fretboard. Finger independance.
Here's a little plug of one of my lessons to get you started:
http://www.guitartricks.com/2000/trick.php?trick_id=2410
And another one:
http://www.guitartricks.com/2000/trick.php?trick_id=4630
There are many lessons like this all over this site...but you get the idea.
And also start learning chords.

Get the basics down first, then worry about theory later.

There is no real or right way to start out when learning. Everyone learns differently. Just offering a tip of what helped me out :-)