I'm a complete noob when it comes to this area, so I apologize for this question.
I've seen you post about this player many times and I do plan on checking it out. My question is will I need to buy speakers, an amp, or anything else that I can't think of right now?
Yes, you'd need speakers ... the LP120 has an internal preamp, so, if you have powered speakers with a built in amplifier you can connect the turntable directly to the speakers. If the speakers are not powered you will need a receiver and/or amplifier.
I run the turntable into my receiver and the same speakers that are connected to my TV. It's not technically the best "audiophille" set-up but it works.
Speaking of -- The Wirecutter just named this the "best turntable for casual listeners
The Audio Technica AT-LP120-USB is the best because it sounds great, includes a phono preamp, is very flexible and speed accurate, and it lets you digitize your LP collection if you desire. The AT-LP120-USB is a great entry-point for the vinyl enthusiast and shines even when matched against a table costing twice as much.
The sound quality of the AT-LP120-USB with the included cartridge and integrated preamp is remarkably good. With high-quality source material, it has the ability to present a quiet background with very good channel separation and vocal clarity. It can stumble a bit on very busy musical sections on the inner grooves of records, but many tables do this. The more records I play on the Audio Technica, the more I find myself appreciating it.