keydates said:1. There are plenty of training bikes, if that's what you're asking. Much debate over whether weights help on road rides (most agree it's good for track racing). See "gyming to improve power thread."
2. Depends on where you're starting and what intensity. For most people here, one hour is the bare minimum to ride. But it all depends.
3. If you're planning for a road race, you most likely want a road bike. Decent new road bikes can be found at $800-1200 USD.
4. You'll want bike shorts, probably a bike jersey, bike shoes, and obviously a water bottle or two.
PS: Looking around may help answer your questions.
You can train on just about anything, your mtn bike with slicks is a place to start, but you will need a road bike to compete. Try looking around to the local bike clubs for group rides, this will help you learn how to draft more effectively and go round corners in a pack. You will also very quickly understand why it is important to hold your line.
Spinning classes maybe a good idea at the gym, as would basic lower body workouts. Strengthen you lower back and abdomin, but careful not to actually bulk up too much esp. with the upper body. You dont want to have to carry all that extra weight up hill. You want to be svelt and hard, not big and cut.
vary your workouts to keep them interesting. Middle distances at a maintainable pace, interervals, long distances (longer than you would race), and fast rides all contribute to making you a more well rounded cyclist. And of course hill training, anyone can go fast down hill. How fast you can go uphill will determine how well you will do.
And remember that this is supposed to be fun.