Here is what I use (if that helps) and some opinions:
Sound: Cool Edit (very very good), a good collection of professional sound fx cds, Music Maker (not great but it works), and Willow Talk (handy for making computer voices that can be further modified via cool edit's filters)
2D: Photo Paint, Photo Impact (with many 3rd party special add ons like EyeCandy and Xenofex), and Texture Maker (Texture Maker is awesome!!!)
3D Models: True Space (expensive and I really don't care much for the interface), 3D Canvas Pro (awesome product!), and MilkShape 3D (great for conversion of all sorts of model types)
3D Worlds: Geoscape 3D (Not bad, but sort of a simple program for the money), Cartogrophy (I don't like this program at all and wish I tried the trial version before I purchased it.)
Languages: Visual Basic 6.0 (Not great for games but very useful), DarkBasicPro (Very cool of course but I'm waiting for version 6 to start any big projects with it as it is too buggy in its current state), and 3D GameStudio Pro version (expensive, much harder to use than DBP, but also very powerful.)
Misc: The Nuclear Glory Physics DLL (a very good product for very little money that will save you a lot of time and/or give your game a more polished feel.)
Mind you these are only the opinions of one person. I'm sure a game developers collection of tools is as unique as any painters work shop. I listed specifics just to give you some insight. Also, keep in mind there is thousands and thousands of dollars of software mentioned here so collecting it is best done over a period of years rather than weeks or months. Best of luck to you. You'll likely find few experiences that can compare to creating your own game world!
* There is no experience like creating your own universe *