Breck is cool... You'll have a good time.
Definitely rent the equipment. You will trash them pretty good being your first time out. For the most part the clothing you need will come in handy during the winter anyway so it is a good investment anyway. Depending on the anticipated temps where you are going should determine what kind of gear you will need to keep warm. I would not go cheap on Long Underwear, Socks, Gloves, & Hat's. Things like Goggles you can go cheap on for your first time.
skiing is for chicks... try snowboarding, j/k, enjoy your time!