In this project you will build a bench power supply from a Computer power supply. It's the cheapest way to get a DC power supply for most Arduino type projects.
Wire cutters are generally used to cut metal wire. Some have coated grips that ensure that you will not get shocked by electrical wires you're working with. Slanting cutters have intersecting jaws that cut the wire at an angle, leaving a flat tip.
Wire strippers are a special kind of plier used to remove the insulation from electrical wires.