Preferably something that could transmit LED lights, like patterns. After that I'd like to advance to audio and video. But for the basic radio transmitting and receiving how difficult of a job would that be? and what tools and parts would I need? I've worked on a off with electronics for about a year so I know about capacitors, resistors, transistors,transformers, arduinos, basic C and Python Programming. I think I could do this job but could use some guidance and information.
If you're interested in RF experimentation and you prefer to work in a virtual environment, try GNURadio. It runs in linux, and has the basic virtual components to build a variety of RF systems, including basic FM/AM transceivers. There are many online tutorials to get you started with the basics, and you don't need a lab or any parts. You just need a laptop and some time. When you want to implement your designs in reality, look at getting a cheap SDR (Software defined radio). They typically plug into the USB port of your computer, and can be purposed for almost anything (within the limitations of the SDR itself, of course!)
Take a look at "Experimental Methods in RF Design" from the ARRL, that will get you started in how to design and build radios.
A recent copy of the ARRL Handbook is also a must.