I've looked over a few websites and i've found this routine which was setup up for beginners and just wondered if I would be able to complete this routine with the equipment i'm buying? (Free Weights+Dumbells & Bench )

Day1 - Chest/Tri
5 Min warm-up
Dumbell Flat Bench - 4 sets 6-8 reps
Weighted Dips For Chest - 4 sets 6-8 reps (last set to failure)
Incline Dumbell Fly- 4 sets 6-8 reps (last set to failure) (Lay so head is at the top of the bench)
Skull Crushers - 3 sets 6-8 reps (or close grip bench press)
overhead cable presses 3 sets 6-8 reps (last set to fail) (or close grip bench presses)


Day2 - Back/Bi
5 min warm-up
Deadlifts 4 sets 6-8 reps (last set to failure)
Bent Over One Arm Dumbell Rows 4 sets 6-8 reps
Lat pulldowns 3 sets 6-8 reps (last set to fail)
(I would prefer you to do chins instead though if you are strong enough to lift your bodyweight)
Barbell Bicep curl 3 sets 6-8 reps
One arm Dumbell Hammer curls 3 sets 6-8 reps


Day3 -
REST & Cardio (30 mins swimming before brekkie approx 40 lengths)

Day4 - Delts/traps
5 min warm-up
Seated Dumbell military press (Sit on Bench while executing) - 3 sets 6-8 reps
Lateral dumbell raises (side) 3 sets 6-8 reps (last to fail)
Barbell Shrugs 5 sets 6-8 reps

Day5
REST & Cardio (30 mins swimming b4 brekkie)

Day6 - Legs & Abs
5 min warm-up
Barbell Squats 4 sets 6-8 reps
Stiff Legged Dead Lifts 3 sets 6-8 reps
Calf Raises 4 sets 8-10 reps (last set to fail)
Weighted Swiss Ball crunches 4 sets 6-8 reps
hanging leg raises 4 sets 6-8 reps
Dumbell side bends 3 sets 6-8 reps

Day7
REST & Cardio (30 mins swim b4 brekkie)



Also I recall a post with a link to a website that showed you how to do the exercises but can't remember the link, does anyone no of a good website?

Finally when it says "last set to fail" Does it mean if you are doing 3 sets of 8 reps and you do all 8 reps in the final set that really you need to add more weight so you fail to do the 8 reps in the final set?
OR
If you are doing 3 sets of 8 reps on your 3rd set you carry on till you fail?
OR
None of the above

Thanks again,
Chris