You can't burn fat and build muscles at the same time.
Generally it's ideal to first get lean and then focus on putting on muscle. The other way around works as well, but you will get big and bloated; and by slimming down first you will get a sense of achievement and stay motivated.
Working out is a good first step, but you need to get your nutrition in order for results.
You need to calculate your base metabolic rate and stuff like that. There is a calculator for that here:
Add the At Rest and In Motion values together and divide by two to get your daily maintenance calories. Then chop off 10% of that value to start losing a bit of weight. Recalculate every week in order to keep making progress. You can eventually go down to 15-20% below the maintenance value, but I wouldn't recommend that.
To check if your calorie intake is in line with your requirements, you will have to start counting calories - get Myfitnesspal or something similar, it's easy and quick.
There are some alternatives like the portion size method, but those are more guesswork and I would recommend counting calories like a slave for at least a couple weeks until you really KNOW how many calories the stuff you are eating has.
Also you will have to check your macronutrient ratio. You should take in 1 to 1.2 grams of protein per pound of bodyweight. That equates to around 30% of your maintenance calories for most guys (carbs and protein have 4 kcals per gram, fat has 9).
As you want to lose weight, it would be smart to cut carbohydrates a bit as the glycemic index of your food has a lot to do with how easy it is to lose weight, and the fewer carbs you eat the better will your body environment be for weight loss.
There is absolutely no problem in eating fat to get to your calorie goal, just make sure it's not crappy fat. The fat from almonds and fish and stuff like that is good, fat in a pizza or in mayo obviously isn't. That doesn't mean you can't eat anything of that sort, just don't overdo it. In the end, the most important thing is your calorie intake.
After you have reached your goal weight and want to start putting on muscle, up your calorie intake to 5-10% above your calculated maintenance requirements and readjust your macronutrients - your protein intake remains the same, but you should add more carbs to the table. You will notice that without a good amount of carbs, you are weak as fuck. That's fine when you are cutting fat, but sucks when you want to build muscle and get stronger.
A good macro breakdown is 30% Protein, 25% Fat and 45% Carbs when trying to build muscle.
As for supplements, you don't really need those. Try getting it all from your normal food sources first, only if that doesn't work should you add protein shakes.
Most brands are okay, as long as you don't get your powder from Wal Mart or crap like that (that's REALLY low quality). A good and cheap source I would always recommend is Myprotein.com. A nice big bag of whey protein from them hasn't hurt anyone yet I am sure.
The only other supplement I would recommend is Creatine, which is the only legal supplement (besides protein powder and vitamins and stuff) that has been scientifically proven to increase strength. 5g per day taken whenever it's convenient is fine. Don't listen to people telling you to take it exactly 30 minutes before a workout, that's broscience.
And of course if you don't eat enough veggies and fruit, it's never bad to add a multivitamin to your supplement list, regardless if you are doing sports or just sitting at home, that's always smart. You can get those at any store these days.
The most important thing is to educate yourself about nutrition. The working out is secondary to that only.