Hi ToeJoe,
First, I would wait until spring.
The nicest hanging baskets have annual plants in them so you would have to replant them every spring. I am suggesting annuals because they will grow quickly and flower over the course of the summer. Plants like Million Bells, petunias, Lobelia, purple sweet potato vine ... Look great in hanging baskets.
Any soil formulated for pot gardening will do. Many of them have a 3 month supply of fertilizer built in so won't need additional nutrients. Plant your plants close together. In a 12 inch basket, you could plant seven 3-4 inch pots.