I watched a program on this on Oprah the other day. It was interesting. From memory they recommended you couldn't do without:
1 coloured mac 1 roll neck jumper in a dark colour and 1 in white 1 pair of dark trousers in the cut that suits you 1 tunic 1 pair dark jeans (washed inside out to prevent fading) 1 pair of white jeans 1 casual jacket - problaby white 1 oversized handbag 1 pair of flats (shoes - preferabley leopard skin for some reason!) 1 white blouse 1 black dress
Can't remember the rest! I'm sure we need more than this - but it could be a good start!
I think the capsule wardrobe may change depending on your circumstanceds - for example if you work outside the home you may need different things than if you don't.