Nick8564,
I finally got my LocoBuffer this weekend. You will need to get a separate 9-12V power supply if you want to isolate the current from the computer and the current from the command station. As far as the software, you will need to either purchase some commercial software or download the JMRI software. The JMRI software requires Java to be installed on your machine, but this is a free download as well. If you are using a laptop, you may need to by a USB to Serial converter as well. Once that is purchased you are ready to go. Just make sure that the Com port on the computer is set to Hardware Flow control. I have already been able to program my first loco with it. You can also use the JMRI tools to control locomotives and turnouts if they have decoders.