From time to time I am asked about the best Bible translation to buy and read. That is a difficult question. Let me tell you my personal preferences and then give you some links to do some research on you own.

I personally use the English Standard Version (ESV). The ESV as the publisher says is an “essentially literal” translation. It is a revision of the older Revised Standard Version (RSV). I like it because it takes a more literal approach to the translation process and therefore is a better starting place for detailed study of Scripture. Other translations in this vein are KJV, NKJV, NASB and the NRSV to some degree. The New International Version (NIV) is a good translation as well. However, I prefer a more literal translation when doing detailed study.
I also enjoy two more dynamic translations. The New Living Translation (NLT) and the New Century Version (NCV). These two attempt to render the original Hebrew, Aramaic and Greek in a more contemporary style. They are very helpful for understanding difficult passages.

Here are a few links that will help as you make a decision. (These are chosen because of their balanced content, not because I endorse everything in the article or on the website.)
Here is a good article that gives an overview of the different translations that are available.

The article Choosing a Bible offers a good over view of translation methods. It is produced by the company that publishes the ESV. It is in PDF format.
This site Which Bible is the Word of God offers a general overview of the reliability of the Greek text of the New Testament as well as an article on the work of Textual Criticism . Textual Criticism, also called lower criticism, is the analysis biblical manuscripts in order to determine as far as possible the original wording.

The Bible Choices article shows a chart of popular Bible translations with a view to grade level and reading difficulty. The article is a little dated in that it doesn’t mention some of the newer versions.

After you decide on a translation then comes the task of choosing what kind of Bible. A good study Bible is a necessary tool.

How to Choose a Study Bible gives a brief overview of the different types of study Bibles classified by their doctrinal orientation.

eHow offers a good overview what to look for in a study Bible.

Of course when it is all said and done, the best Bible translation is the one you actually read!