If you are new to AR's have some mechanical ability and are willing to take the time and read, follow instructions and learn you could do it with a basic hand tool set and some punches.

Once you have your stripped lower you could either get a kit from a company like J&T that would have everything you need to put it together. Or you could buy your Lower Parts Kit (LPK) and upper seperately. It depends on what you want to use your rifle for and what configuration you want.

I would recommend if it is your first build and you dont have the barrel wrenches and all that to buy an assembled upper. It will save you alot of hassle and money on tools.

So whats your plans for the rifle?

Oh and yes you could save money.

If you dont already check out
http://www.jtdistributing.com
http://www.model1sales.com