Ok I like the Electrum wallet because from my limited research it seems one of the more secure wallets.  I could store everything on a USB drive.  Any recommendations on a bitcoin exchange for purchasing Bit Coins?

I want to thank everyone for their comments on this.  It's more complicated than I thought, however it's little more clear now thanks to all the experts here.

I'm thinking of setting up an account with either Coin Base or Electrum.  Hope I'm not breaking any rules with this comment.

New to Bit Coin and trying to wrap my hands around the fee structure.  An internet post, about a year old said 0.2 mBTC.  I searched the internet and nothing makes sense.  I looking into setting up an account to fund my on line poker account.

What is the fee for transferring $500 US dollars?

Thanks