My personal recommendation is for AVG and Windows Firewall.
Right.
I have the installs for both Avast! & AVG sitting on my desktop.
Cant decide between the two..
Im swaying towards Avast, because although it has a higher memory footprint(by quite a bit), its allways served me well in the past.
Anti-Virus: Kaspersky 7
Firewall: Vista Firewall with outbound filtering enabled. The only bad thing about enabling outbound filtering is it doesn't ask the user whether a program can or cannot connect, you have to create the rules yourself before a program can connect outbound.