you might want to think about getting a Hyper 7 TQ Black for $290
http://www3.towerhobbies.com/cgi-bin...&I=LXRUS1&P=ML seeing your already going to spend at least $240 on the red cat.
The stock AM radio should be fine, but if you want a 2.4ghz you can pick up a cheap hobbyking 2.4ghz radio for $25
http://hobbyking.com/hobbyking/store...dProduct=10608 (which is the same radio in the redcat) or pick up a eurgle/flysky 3 channel 2.4ghzfor $55ish http://www.r2hobbies.com/proddetail.php?prod=rcps2805001(I use one and its a great radio for the price IMO)
The redcat might look nice, pretty, and very tempting but in general its not a good deal. All parts have to come from redcat (or himoto seeing they sell the same exact relabeled chinese RC's), or one of their handful of resellers, and they also have a reputation for durability issues when compared to the rest.
Other good low budget buggy is the Jammin X1x RTR
http://www.amainhobbies.com/product_...-4WD-RTR-Buggy for $340 (I got one) or the Ofna Picco
http://www3.towerhobbies.com/cgi-bin...?&I=LXVGM6&P=7
Now I have heard of people that have a good background getting the Redcats moving fine but seeing your a newbie in nitro its very highly not recommended. Also when dealing with nitro going cheap will get you a big headache.
But that is my opinion