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Sarah's Freebie Paradise, Philereme (201,162,55)
Sarah's Freebie Paradise is a bit classier than some, and a real score for female avatars. Have fun, check it out!
Yadni's Junkyard, Leda (210,28,54)
Yadni's Junkyard is the classic starting place to load up on the gadgets, weapons, clothes, houses, HUD's, hair, skins, tools, animations, textures, and much more. Plan on spending a few hours there; just combing the shelves takes time: there are so many boxes of so much stuff!

Lots of corporations are scrambling to make a presence in SL, with varying degreees of success. One corporate build I like is the American Apparel store, which is situated on a beach in Lerappa.

Finding good men's clothing is an adventure all it's own in SL. I've asked around and been given LM's and Notecards with links only to find the shops moved or gone. There isn't as much in SL for men as there is for women, so having a source of men's clothing and accessories is a valuable thing.