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Very important, as (and correct me if I'm wrong) Orion rising above the horizon signaled the yearly flooding of the Nile?

There are books available (check Amazon) on Astronomy with the Naked Eye. A quick search on some Astro web sites will give you info regarding what bins to get. As for telescopes, the general rule of thumb is don't spend less than about £400, but you can get some bargains on eBay - I got my 5"...