This is some yarn I hand dyed at a class at Fancy Tiger, a yarn-and-fabric shop in Denver.
I've been told dyeing your own yarn is a gateway drug to spinning your own yarn, which is a gateway drug to owning a sheep farm in Ireland and giving up all contact with the modern world. I'm sure you can see the logical progression.
You can heat set the yarn in a microwave, which is much faster than using a stove or a slow cooker, but if you use dyes that aren't food grade, have a separate one for dyeing. That goes for pretty much all of your supplies.
For materials, check out: