1. An ATmega ATTiny85 microcontroller
2. A socket for that processor
3. A coin cell battery
4. A holder for the battery
5. A resistor
6. An LED
and some wire and solder.
What going with an actual Arduino or Arduino compatible gets you, from a hardware point of view, is a bunch of ready made attachments. For instance, suppose you have some sensor that needs an odd voltage and has weird timing requirements. It will be a lot more convenient to get a shield that has that sensor, and a voltage converter, and something that deals with the weird timing and presents a simple I2C interface to your code than to have to do all that yourself.
There are some EdX courses that you might find useful.
From UTAustinX, "Embedded Systems--Shape the World" [2]. This is a lab-based course where you do 13 or so labs using a TI Tiva Series C Launchpad. That's an 80 MHz ARM Cortex M4 board. Cost for the hardware for the course is $35-$55, depending on if you want to do a couple of the optional labs.
From UCBerkeleyX, "Electronic Interfaces: Bridging the Physical and Digital Worlds" [3]. Another lab course
From MITx, "Circuits and Electronics" [4]. The online version of MITs 6.002 introductory electronics course.
[1] http://forum.arduino.cc/index.php?topic=200590.0
[2] https://www.edx.org/course/embedded-systems-shape-world-utau...
[3] https://www.edx.org/course/electronic-interfaces-bridging-ph...
[4] https://www.edx.org/course/circuits-electronics-mitx-6-002x-...
Was very quick to get started hacking (can program over usb from the free cloud-based IDE), and some of the boards are under $15.
Wikipedia has a list of supported MCU-families.
And the Arduino can be programmed in C; in fact, the "Arduino language" is just C (or C++ nowadays?) with some preprocessing and a bunch of helper libraries.
I've also extensively used PIC24's and they're great (fast, cheap, feature-rich 16bit microcontrollers) but I don't know of any existing boards using them (I made my own) and there isn't nearly as much documentation/sample code/libraries as there is for Arduino and clones.
So, what alternatives are there? I need a simple, very cheap and very lower power chip that I can program easily using a regular PC and that can interface with a few optocouplers. Would it make sense to go directly for an ATmega? Or would I need additional circuitry to make that work? If I can program in C that would be OK, I don't need the software to be 'easy to use' - the hardware I'm unfamiliar with though so that needs to be plug and play.