I wrote a while back about Securing your PC. I didn't get enough time to put together an article on Anti-Spyware and other stuff at that time.
However, I just found out this article which addresses the same issues. The antivirus recommendation is different but I have been using AVG since quite some time on the home PC and I have had no issues with it.
With anti-apyware, while Windows Defender is pretty great, the only thing that I don't like about it is continuously running in the background. Hence I prefer to scan my PC once in a while with Ad-aware Free Edition instead.
Also recommended is the Firefox Siteadvisor Plugin for anti-phishing.