Finally cracked open the wallet
The first time you do something - It's going to be a personal record!
Link to my running journal
http://www.disboards.com/showthread.php?t=1303681
4 full's - 14 halves - 2 goofy's and one Mt. Washington!
Cool man. Nice bike. What kind is it?
First thing I would do is ditch the basket pedals and get some bike shoes and clips. It will take a little while getting used to be clipped in and you are guaranteed at least one z-ohfer (a zero mile per hour crash) where you fall over at zero mph because you forget you are clipped in. The benefits are that your efficiency on the bike will increase tenfold.
Next must have upgrade is a pair of clip on aero bars. Getting aero on the long rides really saves your energy.
Lastly, go to a bike shop and ask for a tri fitting. They will adjust your seat height and flip handlebar extender around so you have a more aggressive aero position. Worth every penny to get a good fitting.
Depending on where you live you can probably find a local tri club too to hook up with some like minded triathletes. Most have equipment that they will readily trade and even give you. In my club I was given a $1500 bike, a pair of Newton running shoes (best running shoes I have ever put on my feet), bike shoes, and a set of profile aero bars.
Lastly, welcome to the addiction that is triathlon! May God have mercy on your pocketbook. Heh heh.