The post here http://software.intel.com/en-us/forums/topic/506595#comment-1781401 has instructions for writing the uSD image.
A 'basic' iot-devkit can be made with what you've listed. The serial cable is easy to hack yourself, unfortunately alot of the ones on sale have pin2 & 3 inversed so you may have to do a bit of tinkering. But you really don't need to do that, plug yourself into an ethernet router, boot and you'll get a dhcp address & ssh should work - serial cable not required
I ordered a serial cable from Amazon.com that specifically stated that pins were correct.
Pin 2 Tip - Left
Pin 3 Ring - Right
However, the cable that I received had these two pins reversed and I needed a null modem to switch them.
Here is the URL of the cable. http://www.amazon.com/gp/product/B004T9BBJC/ref=oh_details_o03_s00_i00?i...
Am aleader of a hacker community here in Kenyatta university and we are lucky to have benefited from the galileo board donation to students but hey are very few about 6 for a group of over 120 hackers how can you help me please to secure some boards for thes entusiastic students imagine we have to lock out some udents from the competition