Get a box and fill it with some emergency equipment, then store it out of the way. Include a flashlight or two with plenty of extra batteries. Hand-crank flashlights are good for a long-term situation, but not really necessary. Buy a battery operated AM/FM radio or weather monitor to keep tabs on the storm system. If you have electric heating, buy a kerosene heater and enough fuel for a week of steady use. It's important to make sure the heater is ventilated properly. If you have fireplace, keep a stash of emergency wood on hand and don't use it unless you're snowed in.
Sleeping bags and wool blankets are also a good idea to have on hand. If you have an electric stove, it's smart to invest in an inexpensive camping stove and some fuel canisters. You can find dual-burner propane models for about $100 [source: Coleman.com]. If your refrigerator goes out, use a cooler packed with snow or ice to keep your food fresh.