In many respects, ice fishing isn't too different from summertime lake fishing. You use a regular rod and reel and bobber, standard lures and bait and fishing line. But to fish beneath the ice, you'll need quite a few pieces of supplementary equipment. For example, unless you want to brave the elements, you'll want some kind of shelter. Temporary fishing huts are the most popular because they're easy to set up and to move. Many times, moving from place to place is essential if you want to actually catch some fish rather than just chew the fat with your grizzled, ice fishing buddies.
Semi-permanent shelters are also common these days. Some of them resemble mobile homes on the ice more than a fishing shanty. Equipped with electrical generators, you can heat your hut and listen to the radio or watch television if you so desire. These shelters are usually equipped with wheels for easy transport. All you do is hook it up to a small truck, ATV or snowmobile and haul it to the next "hot spot."
Another essential piece of gear is the auger. Hand augers can do the trick, but if you're not into spending too much time or energy, using a power auger is the way to go. These look like massive power drills and they perform the same task -- boring large holes into the deep, frozen lake surface. Once the hole is drilled, you need to keep it from freezing back over. If you're in a hut, place a heater near the hole. Have a skimmer handy to pull out the bits of slush and ice that form. That way you don't have to subject your fingers to frostbite.