http://fostercareourlovestory.blogspot.com/2011/02/prepping-our-house-for-foster-care.html has some good suggestions.
Beds, cribs, convertible car seat, different size diapers, bottles, sippy cups, kid-sized utensils and unbreakable bowls/plates, wipes, PJs (or sweats) in different sizes, crayons and paper, books, DVDs, easy kid-friendly meals (mac and cheese, frozen pizza), baby carrier, stroller, blocks, baby/kid shampoo/soap/lotion (different items needed for different races), stuffed animals, mattress/crib pad, nightlights.
Most important: Amazon Prime or Mom subscription, and friends who will run to Target for you within a few hours of the placement.