edit: just watch one of the videos in the bottom 2 links, most of this thread is a text description approximating what to do.
speaker wire copper, oxygen free 16 gauge 100ft (how much you need depends on your speaker layout, though 100ft is sufficient for most 5.1 setups) 14 gauge is also reasonable.
http://www.monoprice.com/products/p...=10239&cs_id=1023903&p_id=2793&seq=1&format=2
You don't need banana plugs. They are more or less a convenience feature if you plan on unplugging, replacing, or moving speakers around rather frequently.
assuming standard copper oxygen free cables, basically all you need to do is
1) separate the 2 wires in a cable with scissors (cut down the middle groove) until you have ~2 inches to work with.
Repeat for other ends.
2) strip about 1 cm or 1/3-1/2 inch off each end of the 2 wires. Use a wire stripping tool, or scissors if you're careful. Don't cut into the cable, usually you can use a stripping tool set to 1 gauge increment thicker than the cable. For example if you have 16 gauge speaker wire, the 14 gauge stripper can cleanly remove the rubbery coat while not fraying the wire.
Repeat for other ends.
3) your speakers and most receivers use binding posts which have a twisty knob on the back that can loosen and tighten. When you loosen this, there is usually a hole in the base of the binding post. Stick the exposed cable into the hole and make sure it keeps contact with some part of the binding post. You probably want to create a hook on the exposed portion of the cable so that it hooks onto the binding post. Tighten the twisty knob down on the speaker cable, while keeping the exposed wire in contact with the binding post. Make sure the polarity between the connectors on the receiver and speakers are the same. Most speaker wire has a way of distinguishing the 2 seperate wires. Some use red and blue stripes, some just indicate 1 of the wires with usually a blue stripe, etc.
Repeat as necessary.
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alternate stuffs if using other stuffs
1') if using rubber sleeve cables ("in wall" though also usable outside of walls if you prefer their appearance, or since they're a bit cheaper), it's similar to the above except instead of step 1 you have to strip a portion of the outer sleeve off in order to separate the 2 wires.
http://www.monoprice.com/products/p...=10239&cs_id=1023903&p_id=2823&seq=1&format=2
3') banana plugs usually have 2 parts that screw into each other. you thread an exposed wire through the hole on one part, and fray out the wire, draping it over the edges to create a many hooked grappling hook like object. Then you screw the large banana part to it, which mashes the parts together. This replaces step 3, by allowing you to just plug the ends of the cables into the big opening in the top of the binding posts (usually you have to loosen the binding post, plug in the banana plug, tighten the binding post knobs). As dagamer says, this can be easier than attaching wires directly to binding posts if it's hard to reach the receiver or something.
http://www.monoprice.com/products/p...=10401&cs_id=1040115&p_id=9436&seq=1&format=2
monoprice has a video of it.
the open screw type seem easier
http://www.monoprice.com/products/p...=10401&cs_id=1040115&p_id=9437&seq=1&format=2
none of your components use the clip type